Google No-More Interested in Digg
July 28th, 2008 | by Ankit |We had a discussion earlier this week on Google to buy Digg for $200 Million, Seems like Google had walked away from this deal.
Google was in the due diligence stage of the deal, where they peer deep into Digg’s technology and financial statements. Most term sheets are non binding, so anything that gives the buyer pause can be used as an excuse to walk away - but generally the buyer already has a very good idea what they are getting well before the term sheet stage.
Two sources close to the companies suggested that some issue that came up during technical due diligence was to blame. One source said that the issue was more personality driven, and that Google decided after spending more time with Digg’s top team that there just wasn’t a fit.
Either way the deal appears to dead and can be added to the long list of failed Digg acquisition deals. And when a company is “left at the altar” other buyers are usually hesitant to step in.
Source: Techcrunch
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