(Updates to include stock price movement in the headline and the last paragraph and Grab's response to a request for comment in the third paragraph.)
Grab Holdings (GRAB) is considering a takeover of rival GoTo Group at a valuation of over $7 billion, Bloomberg News reported, citing people familiar with the matter.
Grab is discussing an all-stock purchase valuing shares of GoTo at more than 100 Indonesian rupiah each, representing a roughly 20% premium over its current stock price, the people reportedly told Bloomberg.
Grab declined to comment to MT Newswires.
Shares of Grab Holdings were up more than 12% in recent trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price: 5.10, Change: +0.56, Percent Change: +12.22
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