HubSpot sinks after report Google shelved acquisition plans (NYSE:HUBS)

HubSpot (NYSE:HUBS) quickly dropped 12% after a report that Google parent Alphabet (GOOGL) abandoned plans to purchase the company.

Google and HubSpot (HUBS) never reached a point of detailed talks around due diligence, according to a Bloomberg report on Wednesday, which cited people familiar with the matter.

Bloomberg reported in May that Google was progressing in discussions to purchase HubSpot (HUBS) and there have been reports that there could be an all-stock deal or a combination of stock and cash.

Reuters first reported in April that Alphabet (GOOGL) considered a potential takeover of HubSpot. Shares of HubSpot (HUBS) had dropped 14% through Tuesday since April 18, the day before the first report was published on a potential deal. HubSpot shares soared 8% on May 28 when CNBC’s David Faber reported the potential for an all-stock deal for the company.

Betaville also reported last month that Amazon (AMZN) and a third potential party may be interested in HubSpot (HUBS).

Alphabet (GOOGL) is set to report Q2 results on July 23.