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Grubhub denies reports of possible sale

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Grubhub denies reports of possible sale

Online food delivery platform Grubhub Inc. on Jan. 9 denied media reports that the company is exploring a sale.

The Wall Street Journal was among the outlets that reported the development, citing people with knowledge of the matter. The report said Grubhub has hired financial advisers to help evaluate strategic alternatives for the company, including a sale or an acquisition.

In a statement to S&P Global Market Intelligence, a Grubhub spokesperson said: "While our policy is not to comment on rumors, given the considerable media speculation that appeared yesterday, we felt it was important to clarify that there is unequivocally no process in place to sell the company and there are currently no plans to do so."

The company has always consulted advisers about a broad range of issues, including potential acquisition opportunities, and that has not changed, the spokesperson said.

"In fact, we believe that given the current pressure on profits across our public and private competition, there will likely be strategic opportunities to acquire share this year — given that our profitability is secure," she added.

"However, as we have said previously, we are very excited about our near- and long-term opportunities and are confident in our organic growth strategy and our execution without M&A."

Shares of Grubhub dropped 6.69% to $52.00 in after-hours trading.