Grubhub Turns Down Uber’s Initial Offer, Talks Continue
Uber Technologies' (NYSE: UBER) initial offer to buy out Grubhub (NYSE: GRUB) at a price of 1.9 Uber shares per Grubhub share was refused during the weekend, but the deal may not be off the table. According to The Wall Street Journal, talks between the CEOs of both companies indicated that Grubhub deemed the price too low to accept on Sunday.
An offer of 1.925 Uber shares per Grubhub share may be possible, Uber CEO Dara Khosrowshahi stated after the first offer was rejected. However, this amount still falls short of Grubhub's apparent demand for 2.15 Uber shares for each of its shares. The delivery company hasn't yet given any public indication it is willing to budge on the price it has set for itself.
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Source Fool.com
