Uber could be Grubhub's solution to cutthroat competition in the food-delivery sector, writes jennifersaba.
Ride-hailing company Uber Technologies is seeking to acquire food-delivery service Grubhub, according to the Wall Street Journal on May 12.
Grubhub proposed a deal in which Grubhub shareholders would receive 2.15 Uber shares for each Grubhub share, the Journal said. That would represent a 45% premium based on the closing prices of both Uber and Grubhub shares on May 11. Uber Eats competes with Grubhub. Grubhub’s market value at the close of trading on May 11 was $4.3 billion while Uber’s was $55 billion.
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Uber is reportedly in talks to buy GrubHubUber is in talks to buy GrubHub in an all-stock deal, The Wall Street Journal reports. Uber first approached GrubHub earlier this year with an offer, but the two companies are still in talks, according to the WSJ. This comes a few months after reports emerged that GrubHub was looking to sell Uber,
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Uber Technologies Makes Takeover Approach to GrubhubA potential deal under discussion would unite two of the biggest players in meal delivery at a time when the coronavirus pandemic has sparked a surge in demand for their services.
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Uber Is Trying to Buy Grubhub to Create a Food Delivery GoliathThe world of restaurant delivery options could soon get even smaller
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Uber reportedly rejects all-stock offer to buy GrubHubUber Technologies Inc. and GrubHub Inc. cannot agree on a price that the ride-hailing company would pay to acquire the food delivery business, according to a CNBC report late Tuesday. GrubHub shares fell 2.9% in the extended session and Uber shares dropped 0.9%. CNBC said that Uber had rejected an all-stock offer. Earlier Tuesday, The Wall Street Journal reported that GrubHub proposed a deal in which its investors would have received 2.15 Uber shares for every share of GrubHub, valuing the company at roughly $6.25 billion. The Journal also reported that Uber's board was expected to review the proposal in the "coming days."
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Uber Reportedly In Talks To Acquire GrubhubI’m a San Francisco-based reporter covering breaking news at Forbes. I’ve previously reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com.
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