Uber Eyes Grubhub Acquisition

May 13, 2020

Uber has bid to buy food delivery company Grubhub. The offer is an all-stock deal that would offer Grubhub shareholders 2.15 Uber shares for each Grubhub share. No deal has been closed yet because the sale price was rejected by Grubhub.

To raise cash, Uber has proposed to offer $750 million principal amount of Senior Notes due 2025 (the “notes”), subject to market conditions and other factors. The notes are being offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to non-U.S. persons in accordance with Regulation S under the Securities Act.

Uber said it intends to use the net proceeds from this offering primarily for working capital and other general corporate purposes, which may include potential acquisitions and strategic transactions.

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