Lyft president Zimmer: "We're not for sale"

Lyft president Zimmer:
A couple of days ago, we passed along a report about ride sharing company Lyft's attempt to find a buyer willing to pay $9 billion for the outfit. Lyft had reportedly approached a who's who of tech firms including Apple, Alphabet and Microsoft, but came away without a deal from any of them. Other companies that were rumored to have talks with Lyft included industry rival Uber, Amazon and GM.

Lyft president John Zimmer said in a published report today that the company is not for sale, and stated that Lyft was approached by companies looking to buy it, not the other way around. "Getting approached and then having it characterized as us wanting to sell the business and failing to do so is a large mischaracterization," said Zimmer. "If the company is approached, it doesn't mean the company is looking." Lyft normally refuses to respond to M&A rumors, but this time the rumors "crossed a line," according to the executive.

Zimmer did add that over the company's life it has been approached by other companies looking to acquire the company. He added that Lyft had a responsibility to its investors to check out any offer made. "That's happened multiple times throughout our business. It's actually more of a normal course of business than has been portrayed, and of course we have to review anything that's of legitimate interest," he noted.

A published report on Friday said that Uber wouldn't pay more than $2 billion for Lyft, a comment that left Zimmer seething. "I think it shows a bit of overstepping on Uber's part ... that fully demonstrates who is behind this," he said. The latest round of financing for Lyft valued the company at $5.5 billion.

source: BusinessInsider

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6 Comments

1. therealestmc

Posts: 679; Member since: Jul 23, 2012

Culturally lyft is much better company than Uber.

4. Brewski

Posts: 722; Member since: Jun 05, 2012

I have worked for both and ridden as a passenger for both. Lyft is more driver-centric. Meaning they charge more to the customer but pay the driver more. Uber is more customer-centric. Meaning they charge less but pay the driver less. Although Lyft is not as popular so per capita more rides are given by Uber. Meaning even though Lyft pays its drivers more, it's difficult to earn more than Uber simply because more customers are using Uber.

2. JesseJames

Posts: 226; Member since: Feb 22, 2015

Personally I prefer lyft quite a bit more than uber.

3. Bernoulli

Posts: 4362; Member since: Sep 01, 2012

Don't see how this is phone news but okay.

5. Brewski

Posts: 722; Member since: Jun 05, 2012

Exactly. I used to come here for phone reviews and info about new phones being released. Now it's all about games, apps, and things related to phones with a few stories about actual phones sprinkled in.

6. Brewski

Posts: 722; Member since: Jun 05, 2012

If I owned a company that was appraised at $5.5 B and was offered $9 B for it I would sell.

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