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CyanogenMod reportedly refused takeover offer from Google

Posted on Wednesday, October 08 2014 @ 14:41:04 CEST by

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DailyTech writes CyanogenMod, maker of one of the most popular custom Android ROMs, refused a takeover bid from Google. Word on the street is that CyanogenMod is seeking a valuation of $1 billion, despite having barely any revenue.
The paper is reporting that Google Inc.'s (GOOG) Android chief Sundar Pichai made an "overture" which may have been the start of a bid to purchase the Android aftermarket ROM maker. And reportedly he was rebuffed.

The report states:

The Palo Alto- and Seattle-based company, called Cyanogen, is discussing a Series C round of financing with late-stage investors and some major tech firms. It is seeking a valuation close to $1 billion, despite barely generating any revenue. Several potential investors involved in those talks say the company’s chief executive disclosed to existing shareholders that Sundar Pichai, who oversees Google’s Android team, expressed interest in acquiring the firm during a recent meeting with Cyanogen’s leadership.



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