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Uber's stock falls after report the company is 'likely' abandoning talks to buy its competitor Grubhub

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Graham Rapier

Jun 10, 2020, 20:20 IST

Uber's stock falls after report the company is 'likely' abandoning talks to buy its competitor Grubhub

Reuters / Valentyn Ogirenko

Shares of Uber fell as much as 5% Wednesday morning after CNBC reported the company is "likely" to abandon its efforts to buy delivery competitor GrubHub.
Sources told the news site that antitrust issues raised by lawmakers and activists were behind the deal's fizzling out.
CNBC also reported earlier in June that two European companies — Delivery Hero and Just Eat Takeaway — were also interested in potential bids for GrubHub. The Wall Street Journal reported that Just Eat Takeaway was close to a deal that could be announced Wednesday.
Food delivery was forced front and center for Uber as the coronavirus pandemic slashed ride-hailing revenues, which are only just starting to rebound.
Uber has declined to comment publicly on any potential deals. CEO Dara Khosrowshahi said in may that the company is always "in dialogue with many players" based simply on its size.

Uber's stock falls after report the company is 'likely' abandoning talks to buy its competitor Grubhub — Markets Insider

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