Uber not keen to enter Lyft bidding war
Saturday, 22 Aug, 2016
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As reports ride sharing app Lyft put itself in the shop window for a possible sale, main rival Uber told its own investors it wouldn’t pay more than $2 billion for the company.
According to an unnamed source, Uber didn’t make a formal bid but it had considered a takeover as far back as 2014.
The two companies had apparently discussed it informally, the source said.
According to a report by Recode Lyft had sought $9billion but no serious bidders were forthcoming.
Lyft has been working with Qatalyst Partners to attract a buyer and held exploratory discussions with Alphabet Inc., Amazon.com Inc., Apple Inc. and Chinese ride-hailing platform Didi Chuxing according to separate unnamed sources familiar with the matter.
A recent investment by GM motors valued Lyft at $5.5 billion and GM itself had held talks over a possible acquisition.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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