Topic: How To Invest

Spinoffs, Takeovers and Special Situations Hotline – Friday, May 17, 2019

Article Excerpt

UBER TECHNOLOGIES INC., $41.91, symbol UBER on New York, is a ride-sharing service that was founded in March 2009 in San Francisco. It now offers its services in over 700 cities in 63 countries. In the U.S., it has about 69% of the ride-sharing market, more than double it biggest competitor, Lyft (symbol LYFT on Nasdaq, see below), which has a 29% market share. The company went public on May 9, 2019, at $45.00 a share, near the bottom of the pre-IPO range of $44.00 to $50.00. Uber sold 180.0 million shares raising $8.1 billion in gross proceeds. It also raised $500 million from PayPal Holdings (symbol PYPL on Nasdaq) in a private placement. The company plans to use the net proceeds after fees for general corporate purposes. Uber’s shares are now down 6.9% since the IPO. In addition to its ride-sharing business, the company is developing two other businesses: Uber Eats and Uber Freight. Uber Eats provides food delivery service for more than…

You are trying to access subscriber-only content.

To read this article, you may subscribe or sign in.
If you are already a subscriber, log in here.

If you wish to become a subscriber, click here. Or you may enjoy access to all our publications when you become a Member of Pat McKeough's Inner Circle Pro.