Report: 2 new suitors emerge as potential Grubhub buyers
Grubhubit’s (GRUB) Shares rose more than 5.2% on Friday following a news report that revealed two new potential buyers emerged for the food delivery company. Citing “people familiar with the matter,” CNBC reported that European delivery companies Just Eat Takeaway.com and Delivery Hero are now in the running for the company.
Last month, the ride-sharing giant UberTechnologies ( UBER 1.15% ) makes a first offer to buy Grubhub in an all-stock offering, which Grubhub refused. Talks between the two are ongoing.
Just Eat Takeaway is the result of a recent merger between a UK company and a Dutch-based counterpart. Delivery Hero is based in Germany. Neither company commented directly on the article, although a spokesperson for Delivery Hero told CNBC: “[b]As a global leader in the delivery industry, we regularly seek potential transactions to assess new opportunities.”
Grubhub and Uber also made no public statement about the apparent interest of European companies.
According to CNBC, Just Eat Takeaway works with Bank of America about the potential deal.
Selling to a European counterpart could help Grubhub avoid a potential regulatory issue. Several critics, including U.S. Senator Amy Klobuchar of Minnesota, have effectively called a Grubhub-Uber merger anti-competitive. Since there have been many consolidation in the food delivery industrythere are only a handful of large and powerful companies operating nationwide.
Grubhub has surpassed many others consumer goods inventory on Friday, in addition to outpacing broader market gains. Uber shares also rose, but not as precipitously; they gained 2.1% on the day.
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