When, PR Web issued a press release on November 26 stating that, “ICOA Inc. Acquired by Google for $400 Million” the ripples of the news were felt far and wide as the acquisition was highly unexpected. ICOA, which trades at little more than fifty cents a share is a provider of Wi-Fi services to crowded public locations such as restaurants and airports.
Given the share price and rumoured acquisition price, it was little hard to believe that Google made such a silly trade, but since the search engine giant has been in hot pursuit of fiber internet over the past couple of months , some people bought the news citing benefit of the doubt. On top of it, social media And the blogosphere jumped onto this press release and gave the story legs.
As a result of the sudden hype, the CEO of ICOA had to come out in public and personally refute the reports. He said, “This is NOT TRUE!!Never had any discussions with any potential acquirers!! This is absolutely false!”
Later Arik Hesseldahl of AllThingsD also shared that, “Sources at Google are denying reports that the search giant has acquired ICOA Wireless in a $400 million deal.”
So finally after some time it was confirmed that the press release issued by PR Web regarding the purchase of ICOA by Google was a fake report, as both companies had rejected the claim outright. Regardless of the intent behind the false piece of news, its good to know that the story was changed and truth was expressed from the best sources possible.
Source: BusinessInsider
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