By Kelly Cloonan

Two of Grindr's top investors withdrew their buyout offer after the dating-app operator said it would no longer consider the bid due to uncertainty about the financing for the acquisition.

George Raymond Zage III and James Fu Bin Lu, who had proposed in October to take the West Hollywood, Calif., company private by acquiring the rest of its outstanding shares for $18 apiece, on Wednesday said they withdrew their offer following feedback and the end of talks with the company over the proposal.

Zage and Lu said there was regular engagement and negotiation over the last several weeks around the signing of a confidentiality agreement to allow their financial advisors to conduct due diligence to finalize a committed debt facility for the take-private transaction.

The pair said they attracted significant expressions of interest to participate in acquisition financing, including multiple letters as well as senior debt, hybrid securities and equity contributions.

Zage intends to continue to purchase additional shares of the company in lieu of a bid to take the company private, according to a statement. Zage will also urge the company's management and board to increase the size of its share-repurchase plans and commitment to providing returns for shareholders, which may include dividends, the statement said.

Zage and Lu also plan to engage with management on the company's ongoing growth, including initiatives such as telemedicine, travel, media, artificial intelligence and cryptocurrency, they said.

Zage and Lu together own more than 60% of Grindr's outstanding shares.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

November 26, 2025 10:15 ET (15:15 GMT)

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