Grubhub Inc. said the food-delivery company isn’t for sale, pushing back against media reports that sent its stock surging.
“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,” a representative for the company said in a statement. “We have always consulted advisers about a broad range of issues, including potential acquisition opportunities — that has not changed.”
Grubhub is confident in its growth strategy whether or not it makes acquisitions, the representative said.
The Wall Street Journal and New York post reported Wednesday that Grubhub was considering a potential sale.
Chicago-based Grubhub rose 1.8% to $55.73 in New York trading Thursday, giving the company a market value of about $5.1 billion.
Grubhub’s place in the food delivery market has fallen precipitously over the past year as upstarts spent aggressively to break in. Its stock, which nosedived after it published a dismal earnings forecast, remains down 31% from a year ago.