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Illustration: Sarah Grillo/Axios
Food delivery stalwart Grubhub received a takeover offer from Uber, a primary competitor in the space, Bloomberg reports. Grubhub's shares spiked 25% on the news.
Why it matters: Consolidation has been widely anticipated in the restaurant meal delivery space, which has seen increased demand amid the coronavirus pandemic, as companies like Uber and DoorDash have been hemorrhaging money in a race for market share.
Update: The Wall Street Journal reports that the offer is all-stock.
Go deeper: GrubHub sees Q1 revenue growth but increased losses