Uber Reportedly Offered To Acquire GrubHub
GRUBHUB STOCK SURGES 35% ON REPORTS UBER IS PLANNING TO BUY THE COMPANY
(CNN) – Uber has Uber Eats and now it wants GrubHub, too.
Ride Hail company Uber reportedly made an offer to buy competitor GrubHub.
While neither company is confirming a deal, GrubHub’s stock surged 35% on the news.
The company halted trading of its stock and issued a statement admitting a merger could make sense, but insists it is focused on its current strategy.
The Wall Street Journal is reporting a deal has been in the works since earlier this year.
GrubHub was an early mover in the food delivery sector, starting in 2004.
Well-funded Uber launched a similar service some time later and spent billions of dollars building it up.
The company has seen demand for rides plummet amid the COVID-19 pandemic, but demand for food delivery is up.