Grindr (GRND) Soars 18.9% on Billion-Dollar Privatization Bid

We recently published 10 Stocks Beating Wall Street’s Bets. Grindr Inc. (NYSE:GRND) is one of the best performers on Friday.

Grindr Inc. surged by 18.86 percent on Friday to close at $15.06 apiece as investors gobbled up shares following news that it was offered to be taken private for a transaction potentially worth $3.46 billion.

In a statement, Grindr Inc. (NYSE:GRND) said that the privatization followed proposals from two large shareholders—Ray Zage and James Lu, who already own more than 60 percent of the company—to raise their ownership at a price of $18 per share. The figure represented a 19.5 percent upside potential from its latest closing price.

Grindr (GRND) Soars 18.9% on Billion-Dollar Privatization Bid

Pixabay/Public Domain

The plan followed reports that members of the board, alongside independent directors who form part of a special committee, showed a lack of interest in a possible transaction involving the firm.

“The Special Committee, in consultation with its legal and financial advisors, is reviewing the unsolicited take-private proposal and will be evaluating the best path forward for all shareholders,” Grindr Inc. (NYSE:GRND) said, adding that the proposed transaction was not guaranteed.

While we acknowledge the risk and potential of GRND as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GRND and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.