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Grubhub considers strategic options, including possible sale - WSJ

Reuters
Updated

(Reuters) - Online food delivery company GrubHub Inc <GRUB.N> is considering strategic options that include a possible sale or an acquisition, the Wall Street Journal reported https://www.wsj.com/articles/grubhub-considers-strategic-options-including-possible-sale-11578505832?mod=searchresults&page=1&pos=1 on Wednesday, citing people familiar with the matter.

GrubHub has tapped financial advisers to help with the review, according to the report.

The food-delivery industry faces intensifying competition from Uber Technologies Inc’s <UBER.N> UberEats, which has grown into a national competitor, and startups such as DoorDash and Postmates.

GrubHub's shares were up 12.9% at $54.89 in afternoon trade. They lost 37% in 2019, dragged lower by weak sales and an outlook cut in October.

Grubhub said it does not comment on market rumours or speculation, in response to a Reuters' request for comment.

(Reporting by Ambhini Aishwarya in Bengaluru; Editing by Aditya Soni)