Uber Technologies is in the process of implementing a potential all-stock takeover bid of food delivery company, Grubhub.
CNBC reports that the acquisition would offer Grubhub shareholders 2.15 Uber shares for each Grubhub share, which would in turn value Grubhub’s stock at more than $60 a share, pegging the deal at around $6.1 billion
However, the talks are still in process, with Uber having second thoughts about the proposal to buy the company for 2.15 Uber shares per share of Grubhub.
After the acquisition news, Grubhub’s stock skyrocketed up as much as 38%, with Uber’s stock up nearly 4%.
Uber’s food delivery platform, Uber Eats, has announced plans to exit seven markets across the world with effect from 4th June 2020. These including Eqypt, Saudi Arabia, Romania, Ukraine, Honduras, Uruguay, and the Czech Republic.
Grubhub is an American online and mobile prepared food ordering and delivery marketplace. It connects diners with local takeout restaurants. The company is based in Chicago and was founded in 2004. As of 2019, the company had 19.9 million active users and 115,000 associated restaurants across 3,200 cities and all 50 states in the United States.