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UK's Deliveroo suspends share buyback after DoorDash buyout offer
Economic Times
·
3m ago
Medial
Deliveroo has paused its £100 million share buyback program following a £2.7 billion takeover proposal from DoorDash. Deliveroo plans to recommend the 180 pence-per-share offer to its shareholders, provided other terms are agreed upon. The deal, which expands DoorDash's market reach without regulatory hurdles, contrasts with potential antitrust issues for other competitors. Deliveroo will announce any resumption of the buyback program to the market.
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Mastercard approves share buyback worth $11 billion
Livemint
·
1y ago
Medial
Mastercard's board has approved a new share buyback program, authorizing the repurchase of up to $11 billion worth of Class A shares. This program will commence after the completion of the company's previously announced $9 billion buyback program. Additionally, the payments processing company has increased its quarterly dividend to 66 cents per share. Following this news, Mastercard's share price saw a 1% gain in after-hours trading. The information is sourced from Reuters.
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A food delivery driver who bit off a customer's thumb has been seen delivering food again
Business Insider
·
1y ago
Medial
A Deliveroo driver who had bitten off a customer's thumb has been seen working as a delivery driver again, according to the BBC. Jennifer Rocha, who had pleaded guilty to causing grievous bodily harm without intent, was reportedly delivering food for Deliveroo when the incident occurred. Deliveroo stated that they immediately cancelled Rocha's account after the attack, but she was seen collecting food for delivery on her moped after her court appearance. The incident raises concerns about the safety and verification of substitute drivers for delivery companies. Deliveroo stated that they have implemented stronger processes and identity verification technology for substitute riders.
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Doordash held talks with UK's Deliveroo on takeover
Economic Times
·
1y ago
Medial
Doordash, the U.S. meal delivery group, expressed interest in acquiring Deliveroo, the British food delivery company. Talks ended due to disagreement over valuation, and there are currently no ongoing negotiations between the two companies. Deliveroo's shares have plummeted since August 2021, but increased following the news of the potential takeover. Doordash's New York-listed shares also experienced fluctuations. The COVID-19 pandemic, decreasing demand for online food delivery, and investors' preference for more profitable companies have negatively impacted Deliveroo's shares. Deliveroo works with numerous restaurants and retail partners and operates a network of riders. Amazon is Deliveroo's largest shareholder. The valuation gap between U.S. and European food delivery companies may lead to further cross-border M&A activity in the industry.
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Capillary buys back ESOPs worth $20 mn from 200 employees
The Arc Web
·
1y ago
Medial
Capillary Technologies has raised an additional $95 million in an ongoing funding round, bringing the total raised to $140 million. The funding round was led by Avataar Ventures' limited partners, including 57Stars, Pantheon, Unigestion, and The Evolvence Group. Other existing investors, such as Filter Capital, also participated. The funds will be used for share buyback, with approximately $20 million allocated for former and current employees. This is the company's fourth ESOP buyout since its inception in 2008.
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Dubai's Sidara drops plans to buy UK's Wood Group
VCCircle
·
1y ago
Medial
Dubai-based Sidara has dropped its plan to acquire the UK's Wood Group, citing rising geopolitical risks and market uncertainty. Wood Group had previously rejected four buyout attempts from Sidara due to valuation concerns. The Dubai engineering and consulting firm had until Friday to make a firm offer but has now walked away for at least six months. This news caused Wood Group's shares to plummet by 40%. Concerns are growing that the ongoing conflict between Israel and Hamas in Gaza could spread throughout the Middle East, an important growth area for Wood Group's business.
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DoorDash orders surge 24% in the third quarter, losses narrowed to $73 million
Economic Times
·
1y ago
Medial
DoorDash reported a strong third quarter with total orders growing 24% to 543 million, exceeding analysts' expectations. The company's revenue increased by 27% to $2.16 billion, also surpassing expectations. DoorDash shares surged more than 7.5% in after-hours trading. The company saw double-digit growth in monthly active users in September and a rise in order frequency. DoorDash is also expanding its non-restaurant business and offering delivery from 100,000 non-restaurant stores in the U.S. DoorDash CEO Tony Xu noted a trend toward greater convenience, despite economic uncertainty and inflation.
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Capillary buys back ESOPs worth $20 mn from 200 employees
The Arc Web
·
1y ago
Medial
Capillary Technologies has raised an additional $95 million in its ongoing funding round, bringing the total raised to $140 million. The funding round was led by Avataar Ventures' limited partners, including 57Stars, Pantheon, Unigestion, and The Evolvence Group. Capillary raised $6 million in primary capital from Ajay Gupta and Hal Brierley, with the remaining funds used to buy out existing investors such as Warburg Pincus and American Express. Approximately $20 million of the funding was used for a share buyback from former and current employees. This is the fourth ESOP buyout for the company since its inception in 2008.
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Microsoft's $10 billion partnership with OpenAI faces its first big antitrust hiccup
Business Insider
·
1y ago
Medial
The UK's Competition and Markets Authority (CMA) is closely monitoring Microsoft's partnership with OpenAI, which is supported by a $10 billion investment. The CMA will assess whether the partnership has resulted in the acquisition of control or a change in the nature of control by Microsoft over OpenAI. Interested parties have been invited to comment on potential adverse effects on competition. The CMA previously scrutinized Amazon's investment in Deliveroo and deemed it non-adverse. OpenAI has not yet responded to the request for comment.
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TTK Prestige announces share buyback at Rs 1,200 per share to raise up to Rs 200 cr
Money Control
·
11m ago
Medial
TTK Prestige has announced a share buyback plan to raise up to Rs 200 crore. The company plans to buy back 16.67 lakh shares at a price of Rs 1,200 per share. This represents 1.2% of the company's total paid-up equity shares. The record date for the buyback has been set as August 14, 2024, and further details will be released in accordance with the Buyback Regulations. Inga Ventures Private Limited has been appointed as the Manager for the proposed buyback.
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TikTok parent ByteDance’s valuation hits $300 billion, sources say
Livemint
·
8m ago
Medial
TikTok's parent company, ByteDance, is reportedly valuing itself at approximately $300 billion. The company has approached investors with a share buyback program, offering a price of $180.70 per share, representing a 12.9% increase from the previous buyback program. ByteDance is conducting these buybacks to provide liquidity and has no immediate plans for an initial public offering. This is the third buyback program for ByteDance, which has been facing legal challenges in the U.S. over its TikTok assets.
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