Reports last week surfaced all over the Web including our report that Google was close to acquiring the local search network Yelp for over half a billion dollar.
Now TechCrunch reports that Yelp CEO Jeremy Stoppleman, has walked away from an “all-but-signed deal to be acquired by Google”.
It is not clear why Yelp is backing away. Some speculates that other bidders might be involved. Others think Google has not done very well with community acquisitions.
Caroline McCarthy says “many Yelpers were concerned that a Google buyout would degrade the site’s sense of community–something that could, effectively, kill it.”