Yelp Bails on Google

YelpLogo.jpgThe deal by Google to acquire review site Yelp, which was reportedly close to being wrapped Friday, unwrapped over the weekend, as TechCrunch reported that Yelp notified Google that the deal was off.

According to TechCrunch, the two companies had already agreed on a purchase price of about $550 million plus earn-outs, and it was not yet determined why Yelp walked away from the deal.

UPDATE: The New York TimesBits reports that another company offered 50% more than Google’s offer, putting the price at some $750 million.

A source told Bits, “The board was precluded by fiduciary obligations from accepting the Google offer.”