Uber approaches GrubHub with takeover offer - Bloomberg News
REUTERS: Uber Technologies Inc is in advanced talks to buy online food delivery company GrubHub Inc in an all-stock deal, according to a person familiar with the matter.
GrubHub had a market capitalization of about US$4.3 billion, while Uber was valued at nearly US$55 billion as of Monday's close, according to Refinitiv data.The approach comes as revenue from Uber's restaurant food delivery business, Uber Eats, surged more than 50per cent to US$819 million on a yearly basis in the recently reported first quarter as restrictions imposed to curb the coronavirus forced eateries to shut their dining areas.
Meal delivery services saw year-over-year growth of 24per cent, through the end of March in the United States, with Uber Eats taking in about 20per cent of consumers' meal delivery sales, data from analytics firm Second Measure showed."It will definitely be scrutinized but I think it will pass. GrubHub and Uber will likely push back saying industry isn't profitable and need to consolidate to make it work," said Robert Mollins, an analyst with Gordon Haskett.
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