Gurbaksh Chahal, the founder of RadiumOne who was terminated from his CEO position over domestic violence case has raised his offer to reacquire the company.
According to Tech Crunch, last month, Chahal made an offer to buy the company for an undisclosed price, and while RadiumOne said it would take the offer to its board of directors, it also responded that "RadiumOne is not for sale" and described the offered price as one that "fails to reflect the value that has been built in the company."
Chahal has reportedly raised his offer by 25 percent.
A letter obtained by Tech crunch revealed that contradictory to RadiumOne's statement, the company is actually having discussions with investment bankers to prepare for a sale.
It is reported that the country was earlier considering an IPO before it was hit by the controversy.
Chhahal was fired after public outrage grew against the CEO's domestic violence case.
In his blog, Chahal also accepted full responsibility for his actions saying that he did lose his temper and sincerely apologizes from the bottom of his heart for the same.
He added that he didn't hit his girlfriend117 times, injure her, or cause any trauma as the UCSF medical reports clearly document.
