Reports that Israeli navigation app Waze will be sold to Apple have turned out to be baseless. Rumor of an impending sale, which took the high-tech world by storm last Wednesday, was punctured the next day by the prominent technology news website TechCrunch.
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"Yesterday, we ran a big story: 'Is Apple plotting a route to a Waze acquisition? Rumors on the road point to yes,'" wrote MG Siegler at TechCrunch. "But there’s just one little problem: the deal isn’t actually happening."
Israeli high-tech and venture fund honchos couldn't confirm that any talks had been held between the two companies, with many admitting they only became aware of the story from news reports. Over the weekend Waze maintained media silence.
This wasn't the first time an offer for Waze was reported. About six months ago the company reportedly turned down a takeover bid in the range of $200 million to $300 million. On Wednesday TechCrunch said a source confirmed negotiations were at an advanced stage, with Waze asking $750 million while Apple was offering $400 million plus a conditional $100 million.
Apple shares have shed 4% of their value since Wednesday.