The food delivery app, GrubHub, is reportedly looking to sell itself, according to the Wall Street Journal. In reaction to the report of a sale, the stock rose 18%.
GrubHub owns other food delivery apps like Seamless, LevelUp and a company called AllMenus. The stock for GrubHub fell 39% last summer in response to a terrible third and fourth quarter.
The app blames added competition from UberEats, Postmates, and DoorDash. The Journal is also speculating that if a deal goes through, GrubHub will likely sell itself to one of its competitors.
GrubHub hired financial advisors to help identify areas that the company can work on to help the chances of a sale.