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NYT: Lyft held sales talks with several suitors

Aug. 19, 2016 4:38 PM ETLyft, Inc. (LYFT) StockGM, LYFTBy: Jason Aycock, SA News Editor5 Comments
  • Ride-hailing firm Lyft (LYFT) -- reported to have turned down a takeover from General Motors (NYSE:GM) -- has held sales talks with with a wide number of companies, also including Apple, Google, Amazon.com, Uber and China's Didi Chuxing, The New York Times reports.
  • All those overtures resulted in no deal, the NYT says -- mainly due to cost. Lyft was valued at $5.5B after a January investment round, and a sale would have to come at a premium to that.
  • Tech publisher The Information reported that Lyft turned down GM in their talks. The NYT says its sources said GM never made a written offer to buy the ride-sharing firm.
  • Lyft was set to pursue a new funding round, and it has $1.4B in cash, giving it cushion to continue as an independent entity.

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