The offer that the two companies are currently considering values one GrubHub share at 1.9 Uber shares, people familiar with the matter told the Journal.
This would value the food delivery business at about $62.7 per share, according to Wednesday's closing price.
The Journal had earlier reported on Tuesday that Uber rejected GrubHub's proposal of valuing itself its share against Uber at 2.15.
The acquisition deal could save the two companies costs upward of $300 million, mostly in logistics and marketing, the people told the Journal.
GrubHub could share $2 to $3 per delivery, according to the Journal's sources.
Why It Matters
The deal comes at a time when the novel coronavirus (COVID-19) pandemic has surged the demand for food deliveries. Multiple Democratic lawmakers expressed concerns related to the acquisition, and one dubbed it "pandemic profiteering."
Uber's own food delivery business Uber Eats has been lagging behind the world over, and significantly trails DoorDash in the United States.
The resultant merged company will lead the U.S. market with a 55% share in the food delivery business, something that will give it a "clear leader" status, analysts noted earlier.
Uber shares closed 1.9% higher at $33.02 on Wednesday and traded slightly lower in the after-hours at $32.73.
GrubHub closed 3.7% lower at $58.14 and was mostly unchanged after hours.