Groupon Inc., which recently turned down a takeover bid from Google rumored to be as high as $6 billion, is out to raise money on its own in a big way.
The online coupon company's board has authorized it to raise up to $950 million, according to a report from the website VCExperts.com. That would be the largest round of equity financing since Pixar sought about $500 million in 1995.
A Groupon spokeswoman declined to comment, but Andrew Mason, the company's founder and chief executive, wrote in a Tuesday evening Twitter message, "Groupon is in the process of completing a new round of financing — we'll let everyone know when there's more to announce."
According to estimates from VCExperts, the new round of financing would make the privately held Groupon worth about $6.4 billion.
Currently, Groupon operates in 35 countries, with more than 3,000 employees and an expected annual revenue of $500 million this year. The company is said to have turned its first profit after just seven months in business.