Instacart Shares Slip Despite Takeover by DoorDash
Dow Jones10-29 22:38
Shares of Instacart moved lower in early trading Thursday despite a $17 billion deal to be acquired by larger food-delivery peer DoorDash.
Instacart shares were recently down 0.7% to $58.01, nearly 11% below the $65 a share that DoorDash has agreed to pay.
Instacart shares, which closed at $51.68 last Thursday, rose more than 9% on Friday following reports that the company was exploring a sale and gained another 8% on Monday after The Wall Street Journal reported that DoorDash was closing in on a takeover.
Shares of DoorDash, which expects to pay at least 75% in cash and the rest in stock for Instacart, were recently up 6.2% to $180.05.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments