Uber is in talks to acquire Grubhub aiming to create one giant player in food delivery as more people turn toward those services in the coronavirus pandemic, the New York Times reported. Uber recently approached Grubhub with a potential all-stock takeover bid. In response, Grubhub asked for two Uber shares for each of its shares. That would value Grubhub’s stock at more than $60 a share, pegging a deal at around $6.1 billion, or roughly a 25 percent premium to Grubhub’s closing price on Monday. A combined Uber Eats, the ride service’s meal delivery unit, and Grubhub would have about 55 percent of the food delivery market in the U.S., according to Wedbush Securities. DoorDash, which has filed to go public and has 35 percent of the market, the firm estimated, would be its largest U.S. rival.
