Majority Grindr Shareholders George Raymond Zage III and James Fu Bin Lu Submit Non-Binding Offer to Acquire All Outstanding Shares of Grindr Inc. for $18.00 per Share

Rhea-AI Summary

Grindr (NYSE: GRND) majority shareholders George Raymond Zage III and James Fu Bin Lu submitted a non-binding proposal on October 24, 2025 to acquire all outstanding shares not owned by them at $18.00 per share in a going-private transaction.

The offer price represents an approximately 51% premium to the unaffected stock price on October 10, 2025. The Proposing Shareholders and affiliated entities beneficially own more than 60% of outstanding shares and say they have secured significant expressions of interest for financing, including additional equity and debt commitments.

Positive

• $18.00 offer price per share
• Offer equals an ~51% premium to Oct 10, 2025 price
• Proposing shareholders own >60% of outstanding shares
• Proposer reports $200m+ market purchases since listing
• Secured significant expressions of interest for financing

Negative

• Proposal is explicitly non-binding with no closing guarantee
• Planned going-private would end public trading of GRND

Insights

M&A Strategist

Majority holders proposed a going-private deal at $18.00 per share, a 51% premium.

The proposal would buy the Minority Shares not owned by the Proposing Shareholders, who already beneficially own more than 60% of outstanding common stock. The indicated consideration of $18.00 creates a clear cash exit for remaining public holders and concentrates ownership back with the controlling shareholders.

Key dependencies remain: the Proposal is non-binding and contingent on financing commitments described only as "significant expressions of interest" and letters of support. The board must evaluate fiduciary duties and any definitive agreement will trigger required SEC filings and minority shareholder decisions. Monitor for a formal offer, a financing commitment letter, and any proxy or tender materials; timing is unspecified in the release but expect these items in the near term (weeks to months).

Proposed Offer Represents 51% Premium to Unaffected Stock Price

LOS ANGELES, Oct. 24, 2025 /PRNewswire/ -- George Raymond Zage III and James Fu Bin Lu (together, the "Proposing Shareholders"), who along with affiliated entities beneficially own in aggregate more than 60% of the outstanding shares of common stock of Grindr Inc. (the "Company" or "Grindr") (NYSE: GRND), today submitted a non-binding proposal (the "Proposal") to acquire all outstanding shares of the Company's common stock not already owned by the Proposing Shareholders and their affiliates (the "Minority Shares") in a going-private transaction (the "Acquisition"). 

The Proposal contemplates consideration of $18.00 per share for each share of common stock, representing an approximately 51% premium over the unaffected stock price on October 10, 2025, the trading day immediately prior to the day the Proposing Shareholders first informed the Company of their intention to explore a going-private transaction. The Proposing Shareholders have secured significant expressions of interest to participate in financing, including multiple highly confident letters and contributions of equity, and are confident that these sources will be fully sufficient to fund the Acquisition. 

"We acquired Grindr in 2020 and have been intently focused on building a world class management team that is focused on improving the product for the community Grindr serves," said Zage. "We are strong believers in the long-term outlook for the Company—I have been a consistent buyer of shares in Grindr since listing, buying over $200m of shares on the public market and am also willing to contribute additional equity to this deal. Further, we have received considerable initial interest from both debt and equity investors in participating in this opportunity. We hope to have an active and friendly dialogue with our CEO George Arison and the board to find the best path forward for the Company, our employees and investors." 

"We are pleased to submit this Proposal, which represents a significant premium to recent trading prices and better positions the Company for focused growth as a private entity," said Lu.  "We look forward to engaging constructively with the Company and other shareholders in executing on our proposal."

Zage and Lu originally acquired Grindr in June 2020, and led the Company's public listing in November 2022.  They have each served on the Grindr Board of Directors since the acquisition in 2020, with Lu serving as Chairman during that time. 

Media Contacts 
Steve Bruce / Taylor Ingraham
ASC Advisors
sbruce@ascadvisors.com / tingraham@ascadvisors.com
203 992 1230

Disclaimer

This press release is not a solicitation of a proxy or vote with respect to any securities of the Company or any other securities, or an offer to purchase or a solicitation of an offer to sell any securities of the Company or any other securities, and it is not a substitute for any proxy statement or other filings that may be made with the Securities and Exchange Commission ("SEC") should this proposed transaction go forward. If such documents are filed with the SEC, investors will be urged to thoroughly review and consider them because they will contain important information, including risk factors. Any such documents, once filed, will be available free of charge at the SEC's website (www.sec.gov) and from the Company.

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SOURCE George Raymond Zage III & James F. Lu

FAQ

Who submitted the non-binding acquisition proposal for Grindr (GRND) on October 24, 2025?

Majority shareholders George Raymond Zage III and James Fu Bin Lu submitted the proposal.

What price did the proposers offer per share for GRND and what premium does it represent?

The proposal offers $18.00 per share, representing an approximately 51% premium to the unaffected Oct 10, 2025 stock price.

How much of Grindr does the proposing group already own according to the October 24, 2025 release?

The Proposing Shareholders and their affiliated entities beneficially own in aggregate more than 60% of outstanding common stock.

Is the October 24, 2025 acquisition proposal for GRND binding and guaranteed to close?

No — the announcement describes the Proposal as non-binding, so there is no guarantee the transaction will close.

How do the proposers intend to finance the proposed $18.00 per-share acquisition of GRND?

They state they have secured significant expressions of interest from debt and equity investors and that proposers may contribute additional equity.

What immediate effect would the proposed Acquisition have on GRND’s public trading status?

If completed, the proposed Acquisition is a going-private transaction, which would remove GRND from public markets.