Friday August 12, 2016

Lyft Rebuffs Acquisition Interest From GM

Have you ever noticed that rumors like this always pop up right before a company is preparing for a new round funding? If the rumors are true, you have to wonder what made Lyft turn down an acquisition offer from GM when the company has supposedly been looking for someone to buy them.

Ride hailing company Lyft rebuffed acquisition interest from General Motors Co and will raise a new funding round instead, technology website The Information reported on Friday, citing two people familiar with the situation. GM and Lyft representatives did not immediately comment on the report. GM invested $500 million in Lyft in January and has since said it plans to expand its alliance with the ride services company.