This archive report was first published on 14 May 2020.
On May 12, 2020, CNBC reported that Uber Technologies was considering a potential all-stock takeover bid of food delivery company Grubhub.
The proposed acquisition would offer Grubhub shareholders 2.15 Uber shares for each Grubhub share, valuing Grubhub's stock at more than $60 a share.
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.
Following 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, including Egypt, Saudi Arabia, Romania, Ukraine, Honduras, Uruguay, and the Czech Republic, effective June 4, 2020.
Grubhub is an American online and mobile prepared food ordering and delivery marketplace, connecting diners with local takeout restaurants. Founded in 2004, the company is based in Chicago and had 19.9 million active users and 115,000 associated restaurants across 3,200 cities and all 50 states in the United States as of 2019.
