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100 inventions that changed America Mount Rainier: Body of missing man found Postmates is deciding between going public and selling to Uber or special purpose acquisition company

  • U.S. food delivery company Postmates has received acquisition offers from Uber and a special purpose acquisition company, according to sources.
  • Uber turned its attention to acquiring Postmates after its deal to buy Grubhub fell apart about two weeks ago.
  • Postmates had been planning on an initial public offering and could still choose to pursue that path, one of the people said.
© Provided by CNBC Close-up of Postmates logo.

U.S. food delivery service Postmates has received acquisition offers from Uber and a special purpose acquisition company, or SPAC, as it simultaneously makes plans to go public, according to people familiar with the matter.

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Postmates hasn't decided which path to take, though it's expected to make a decision in the coming days, said the people, who asked not to be named because the discussions are private. Uber's offer is valued at about $2.6 billion, according to the Wall Street Journal. Postmates is working with JPMorgan Chase as a financial adviser, the people said. A spokesperson for JPMorgan declined to comment.

The name of the SPAC couldn't be immediately identified. A SPAC is a shell company with no operations that acquires private companies for the purpose of transitioning them to publicly traded entities. Representatives for Uber and Postmates couldn't be reached for comment.

Uber previously was in the running to buy rival food delivery service GrubHub, but talks broke down as the two companies could not agree on a price and the ride-sharing company grew frustrated with what it perceived as stalling tactics, as CNBC previously reported. GrubHub instead sold to European food delivery service JustEatTakeaway in early June.

Uber quickly altered its plans after the GrubHub deal died and put together an offer for Postmates, one of the people said. Postmates has considered selling for several years, another person said. 

Regulatory uncertainty

One of the sticking points that doomed Uber's deal for GrubHub was how to address potential regulatory issues from a tie-up. While Postmates is smaller than GrubHub, there are only four major players in the U.S. food delivery market -- DoorDash, Uber Eats, GrubHub and Postmates -- and any consolidation could raise antitrust concerns.

Uber is banking on food delivery to help sustain its business during the coronavirus pandemic, as demand for ride-sharing has plunged. In its Q1 earnings call, Uber said that gross bookings revenue for its Rides segment was down 80% in April from a year ago, while gross bookings revenue in Eats was up more than 50% during that same period. The New York Times first reported Uber's bid for Postmates.

Postmates is the fourth largest U.S. food delivery service by market share and has struggled to compete nationally against rivals DoorDash, GrubHub and Uber Eats. Still, the company has had success in specific urban areas such as Los Angeles and Miami. Postmates had reportedly filed confidentially for an IPO in February 2019, but delayed its offering later that year amid deteriorating market conditions and tough competition, according to Recode.

However, a Reuters report on Monday said that the recent string of deals in the food delivery service had convinced it to begin moving forward with plans for a listing as early as next month. The San Francisco-based company was valued at $2.4 billion in its last fundraising round in September, Reuters said.

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Some internet users are accusing 2K Games of trying to profit from Kobe Bryants death, after it announced a special $100 Mamba Forever version of NBA 2K21

The July 4 speeches that helped define what America is — or what it should be The pandemic has made restaurant ratings much more complicated, and its changing how people choose where to eat Some internet users are accusing 2K Games of trying to profit from Kobe Bryants death, after it announced a special $100 Mamba Forever version of NBA 2K21 © YouTube/IGN Kobe Bryant will feature on the front the NBA2K21 Mamba Forever editions. YouTube/IGN

  • Kobe Bryant will feature on the cover of two $100 special "Mamba Forever editions of NBA 2K21.
  • 2K Games is now being accused by some internet users of profiting from the Lakers icon's death. 
  • "They put him on special editions covers because they knew people would pay [for it]," said one Reddit user in an NBA2K thread. "This is the difference between honoring his legacy, and trying to make a buck off of his death."
  • Another comment on Twitter read: "They're smart because they know everyone is going to buy this version. More money in their pockets."
  • It is currently unclear whether any proceeds from the game will go to Bryant's family, The MambaOnThree Fund, or the The Kobe and Vanessa Bryant Family Foundation.
  • 2K Games did not immediately reply to Insider's request for comment. 
  • Visit Insider's homepage for more stories.

2K Games is being accused by some internet users of trying to profit from the death of Kobe Bryant after revealing the Lakers icon will feature on the cover of two $100 special editions of NBA 2K21.

The gaming giant announced on Thursday that artwork of Bryant will grace the front of the current and next-generation "Mamba Forever" versions, which are already available to pre-order for $99.99.

—Ballislife.com (@Ballislife) July 2, 2020 

The regular editions of the game are covered by Portland Trail Blazers star Damian Lillard for the current gen and New Orleans Pelicans rookie Zion Williamson for the next gen, and can be reserved for $59.99 and $69.99 respectively.

For the extra money gamers can pay for Bryant's special editions, they will receive a number of in-game bonuses such as virtual currency and player cards, as well as Bryant inspired digital collectibles including jerseys and shoes.

"The Mamba Forever Edition celebrates Kobe's lifelong pursuit of victory and legacy and immortalizes him with two unique custom covers honoring the span of his career," game officials said, according to TMZ.

Some, however, aren't seeing the games as tributes to Bryant, but rather as a a cash grab in an effort to profit from his death.

Bryant, 41, his 13-year-old daughter Gianna, and seven others died in a tragic helicopter crash in Calabasas, California, on January 26.

"To those who don't get the problem. They didn't 'put him on the cover' they put him on special editions covers because they knew people would pay 20-25 dollars for the 'Mamba edition' over the base," said one Reddit user in an NBA2K thread. "This is the difference between honoring his legacy, and trying to make a buck off of his death."

"Great. Now you get to profit off of his death," said someone else on Twitter, replying directly to a tweet from NBA2K.

Another comment read: "They're smart because they know everyone is going to buy this version. More money in their pockets."

Not everyone was displeased, however. Shaquille O'Neal, Bryant's former teammate and close friend, shared a picture of one of the covers, saying: "Love u and miss u brother."

—SHAQ (@SHAQ) July 2, 2020 

It is currently unclear whether any of the proceeds of the game will go to Bryant's family, The MambaOnThree Fund, which exists to support the families of the seven other victims killed in the crash, or the The Kobe and Vanessa Bryant Family Foundation, which aims to help underprivileged children through youth scholarships and sports.

2K Games did not immediately reply to Insider's request for comment. 

Read more:

The NBA 2K video game will honor the late Kobe Bryant with 2 covers for a 'Mamba Forever Edition'

Rachel McAdams remembers the moment Kobe Bryant told her he bought the blue dress she wore in 'The Notebook' for Vanessa

Dave Chappelle says he 'cried like a baby' when Kobe Bryant died on the same day he won a Grammy

'The craziest year I've ever seen': The inside story of an NBA season derailed by controversy, a tragic death, and a pandemic

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