A report that Internet company Local.com Corp. is being acquired by Microsoft Corp. is false, the Irvine-based company said Friday.
Local.com, which runs a search engine that allows users to search for businesses in their areas and advertisers to target them, said a fake press release saying it was bought by Microsoft went out late Thursday.
“The company has not been acquired, nor is it in discussions with Microsoft about a potential acquisition,” Local.com said Friday morning.
The fake release said Local.com was being bought for nearly $200 million, or more than twice its $80 million market value at recent check.
The rumor appeared to drive a jump in Local.com’s shares in afterhours trading Thursday.
For some, the hoax could bring back memories of Local.com’s early days as Interchange Corp., which saw a big stock run-up earlier this decade.
Speculators betting the company could be the next Google Inc. made its shares a chat board favorite.
Local.com’s shares crashed in 2005 and have traded at a third or less than they did in 2004.
