Grindr’s majority shareholders Ray Zage and James Lu have scrapped their $3.46B take-private bid, citing financing uncertainty. Shares fell as markets reassessed the company’s growth outlook amid intensifying “swiping fatigue” across the dating app sector.
At the same time, UK markets reacted to Finance Minister Rachel Reeves’ budget, which doubles fiscal headroom through £26B in tax hikes, while raising deficits for the next three years.
🔍 Investor Sentiment Split
- Vanguard added to long-gilt positions post-budget, calling the plan “not super positive, but stable enough.”
- Allianz GI maintained a bullish stance.
- But Franklin Templeton, Northern Trust & BlueBay remain cautious, warning the fiscal plan is “back-loaded” and credibility won’t be clear for some time.
Key concerns:
- Revenues rely on growth holding up — if growth underperforms, Reeves’ headroom evaporates.
- Franklin Templeton expects another tax hike next year.
- BlueBay says further gilt rallies could become “an attractive entry point for short positions.”
Despite long-dated gilts posting their biggest drop since September, investors say the move was driven more by cancelled bond sales than renewed confidence.