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Uber Tumbles on Report It’s Close to Ending Talks With Grubhub

June 10, 2020, 2:05 PM

Uber Technologies Inc. shares tumbled after a report said the ride-hailing company is close to ending merger talks with Grubhub Inc. due to antitrust concerns.

Grubhub, the meal-delivery company, will likely merge with a European rival instead, according to CNBC’s David Faber. Several Democratic lawmakers expressed concerns over the potential deal, CNBC reported.

Uber fell 4% to $35.14 on the report. A representative for Uber couldn’t immediately be reached for comment.

The deal was seen as a way to bolster a part of Uber’s business that executives see as crucial to growth and eventually to turning a profit. The coronavirus ...

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