After Delivery Hero (DLVHF) issued a press release stating that the Taiwan Fair Trade Commission has blocked Uber‘s (UBER) pending acquisition of foodpanda in Taiwan, Bernstein notes that Uber expressed disappointment with the decision, though did not explicitly state whether it would appeal it. The headline is “modestly negative” as Uber was going to be in a good position to create value from the combined entity, but it is “also frankly not that surprising to see the deal get rejected,” the analyst tells investors. Even if Uber does appeal, “we’re not convinced it would be successful given the market share math that always felt like it was going to be an issue from the get-go,” the analyst tells investors. Bernstein maintains an Outperform rating and $95 price target on Uber shares.
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