Groupon surges on report it’s seeking a buyer

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Groupon gained almost 11 percent Monday following a weekend report that the company is seeking a buyer.

Shares closed at $4.83 after jumping as much as 13 percent to $4.96. That makes for the stock’s best day since February 2017.

Recode reported Saturday that the company, which pioneered local online deals, is considering a sale. Alibaba, which took a nearly 6 percent stake in the the company in 2016, could step in as a buyer, as could IAC, whose CEO Joey Levin is a Groupon board member, the tech news site reports.

Groupon is down roughly 5 percent in 2018 and nearly 20 percent off its 52-week high of $5.99.

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