Uber's Second Food Delivery Takeover Bid
An agreement between the two companies could have been reached as soon as Monday evening, according to the Times. The terms of the deal are unknown at press time.
The San Francisco-based company's own food delivery business Uber Eats has seen a surge during the novel coronavirus (COVID-19) pandemic, even as the primary ride-hailing business suffered.
Postmates Revives IPO Plans
Reuters separately reported that Postmates had revived the plans for its initial public offering, and the registration could be made public as early as July.
The San Francisco-based company had confidentially filed to go public in February. The IPO plans of a majority of companies in the United States were shelved at the time as COVID-19 brought economic uncertainty.
A host of companies, including the Warner Music Group Corp. (NASDAQ:WMG) and ZoomInfo Technologies Inc. (NASDAQ:ZI), have successfully gone public over the last month, as coronavirus-related lockdowns eased across the country.
Postmates was last valued at $2.4 billion by investors in September last year, as noted by Reuters.
Uber shares closed slightly up at $29.63 on Monday and added another 0.5% in the after-hours session at $29.77.