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.

Categories: Business