DoorDash reported Q3 earnings of $1.06 per share, surpassing the Zacks Consensus Estimate of $0.82 and showing significant growth from $0.55 per share a year ago. However, New York City Mayor Zohran Mamdani criticized the company's $17 billion plan to acquire Instacart. Mamdani warned that the potential deal could lead to higher prices for consumers and worsened working conditions for employees.
The agreement values shares at $65 each, with at least 75% of the consideration paid in cash, as the companies target closing between the end of 2027 and the first half of 2028.
Read the full storyThe definitive agreement offers Instacart shareholders $65 per share, while the city criticizes corporate consolidation and says closing depends on approvals that could extend through 2028.
The deal would add an extensive delivery network to a grocery platform, but awaits shareholder and regulatory approvals, with completion targeted between the end of 2027 and the first half of 2028.