 | Hello John |  |  | LinkedIn, the social networking site for professionals, boosted the pricing of its initial public offering by 30 percent valuing the 9-year old company at a little over $4 billion, or about 17 times their 2010 revenue.
LinkedIn's IPO, which is scheduled for Thursday, comes on the heels of what appears to be an unsuccessful offering Renren.
Earlier this month Renren, one of the biggest social networking sites in China, stock surged 29 percent in their debut but it has since dropped to below its IPO price.
The poor showing of Renren has not slowed investors appetite for a chance to gobble up another slice of the social networking pie. Two other Internet giants are expected to go public sometime in the near future. Groupon may be valued as high as $20 billion and Facebook could be north of $100 billion.
Is this the start of another tech bubble or will investors rue the day they passed on the social network pie?
Yesterday Deals wrap told you that BP was in talks about buying out its Russian partners in TNK-BP, in conjunction with state-controlled Rosneft, and other options to ease passage of a stalled share swap and Arctic exploration deal.
However today came news that the deal has collapsed. The tie-up unraveled because BP failed to mollify partners in its existing Russian venture TNK-BP. They argue the British company had no right to strike a new deal in the country without them.
Finally, a day after Nasdaq OMX Group and IntercontinentalExchange withdrew their hostile $11.3 billion bid for rival NYSE Euronext, Germany's Deutsche Boerse AG is well on its way to buying the New York and Paris exchanges.
The rejection is likely to leave Nasdaq OMX Group scrambling for another target, although CEO Bob Greifeld may now have less room to launch another high-profile takeover attempt and fail.
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| | Winklevoss twins lose bid to reopen Facebook case | | May 16, 2011 08:58 PM ET | | NEW YORK (Reuters) - The twin brothers who accused Facebook Inc and founder Mark Zuckerberg of stealing their idea for the social networking website lost their bid to have a U.S. court void a multi-million dollar settlement of their claims. | Full Article | | | | TECHNOLOGY NEWS | | | | | RELATED VIDEO | | |  |  | | A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today. |  | | Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents. Register Today. |  | | The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.. Register Today. | | | » MORE NEWSLETTERS | | | ODDLY ENOUGH | | | | | | |
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