Groupon spurns Google's takeover attempt

In this Oct. 8, 2010 file photo, the Google logo is displayed outside Google headquarters in Mountain View, Calif. THE CANADIAN PRESS/AP, Paul Sakuma

SAN FRANCISCO - Reports say Google's attempt to buy local-coupon site Groupon appears to have failed for now.

Groupon, whose ties to local merchants and some 18 million subscribers made it a company worth potentially $5 billion to $6 billion to Google, has decided to stay independent for now, and may pursue an initial public offering of stock.

That's according to reports in the Chicago Tribune, the Wall Street Journal and the New York Times, which are based on unnamed sources close to the negotiations.

Groupon is based in Chicago.

Messages by The Associated Press for Google and Groupon representatives were not immediately returned Saturday.