Instacart Explores Sale, Held Talks With Uber and DoorDash; Shares Jump 9.2%

Instacart has explored a potential sale of the grocery-delivery company, including discussions with Uber Technologies Inc., which walked away from the talks and is no longer in negotiations, according to a person familiar with the matter. Shares of Instacart, which trades as Maplebear Inc., rose as much as 9.2% to $56.44 on Friday following reports of the deliberations. The company also held preliminary talks with DoorDash Inc. as part of the potential sale process, The Information reported. Instacart has been working with an investment bank to evaluate its options, though discussions with other companies remain early and ongoing and may not result in a deal. Instacart is exploring a sale amid intensifying competition, with Uber and DoorDash encroaching further on its grocery business—potentially making a deal with a larger rival its best path to shareholder returns. Uber's stock fell 3.4% in New York trading, while DoorDash declined 3.5%. Representatives for all three companies did not immediately comment.