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Groupon raises equity after rejecting Google

Online coupon company Groupon has announced it is to raise $950million after rejecting a $6bn takeover offer from Google in early December. If successful, the equity raising would value Groupon - that is only 18 months old - at around $7.8bn.

Groupon is a website that offers one-off deals on anything from a haircut to a holiday. The deal is only valid if a fixed number of people sign up to it.

The transaction would have allowed Google to sell Groupon's coupon product to its more than one million advertisers, providing targeted marketing possibilities for global companies.

Groupon has attracted 35 million users in more than 300 global markets by offering steep discounts on products including massages and restaurant meals. Groupon's sales are set to top $500 million this year.

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