Groupon shares fall on LivingSocial acquisition
Groupon Inc. shares fell in the extended session Wednesday after the daily-deals website met Wall Street expectations for the quarter and said it was acquiring rival LivingSocial Inc. for an undisclosed amount. Groupon shares dropped 9% to $4.79 on heavy volume after hours. The company said it has entered into an agreement to buy LivingSocial for an undisclosed price with the deal expected to close by early November. Groupon reported an adjusted loss of a penny a share on revenue of $720.5 million. Analysts surveyed by FactSet had estimated a loss of a penny a share on revenue of $720.5 million.
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