Lyft President Says 'We're Not Looking for a Buyer' Following Reports of Attempted Sale

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Lyft co-founder and president John Zimmer today refuted reports from over the weekend that the ride-hailing company was seeking out buyers for a potential purchase -- reportedly including Apple -- outright telling Business Insider that "Lyft is not seeking a buyer." According to Zimmer, Lyft itself was approached for a purchase opportunity, which was misconstrued in reports by The New York Times and Bloomberg as Lyft actively seeking out to be bought by a major company, including potential candidates like Amazon, General Motors, and even rival Uber.

Zimmer said these reports "crossed a line," leading to the company needing to address them head-on and break its usual silence on these types of rumors focused on mergers and acquisitions. The most ire seems to be aimed at the Bloomberg angle on the story, which specifically stated that Uber "wouldn't pay above $2 billion for Lyft," coming in far below Lyft's reported $9 billion estimated value.

Lyft president John Zimmer (left) and Uber CEO Travis Kalanick (right)

"We have to be careful with this type of thing for confidentiality reasons until Friday, when we feel like the line was crossed in that it was characterized as us trying to and failing to sell the business," Zimmer said. "And as Friday happened, with both that characterization and the Bloomberg report, we said enough is enough. We need to let people know that we're not looking for a buyer, so that's not a legitimate part of the story. I think it shows a bit of overstepping on Uber's part with the Bloomberg story that fully demonstrates who is behind this."
Zimmer's language targets Uber and its CEO Travis Kalanick as the catalyst behind Lyft's M&A rumors, although he didn't go into specific details regarding how he believes its rival began the chain of rumors that led to the reports over the weekend. Zimmer also declined to tell Business Insider which companies did in fact approach Lyft with a purchasing opportunity, with the publication saying that Lyft "isn't quite ready to be transparent" due to apparent confidentiality agreements set in place at the company.

Lyft is currently the second-largest ride-hailing app in the United States behind Uber. Although Zimmer believes this rivalry makes it easy for outsiders to view the company as bitter, he mentioned that he and the company are happy with Lyft's current trajectory. "We're focused on being an independent business and having the largest impact on car ownership as we possibly can," Zimmer said. "I don't think [independence] is a requirement, but I believe right now it's the best path."

Article Link: Lyft President Says 'We're Not Looking for a Buyer' Following Reports of Attempted Sale
 

WBRacing

macrumors 65816
Nov 19, 2012
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Well, they're hardly going to be saying in public "Puurrlease, someone buy us now! For the love of... ".

That said, Uber doing something shady? Surely not. :rolleyes:
 

blcamp

macrumors regular
May 16, 2012
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Grand Rapids, MI, USA
These kids are acting like high-schoolers trying to be Homecoming King, or senior class president, or "my clique is cooler than yours".

Grow up, boys.
 

SandboxGeneral

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Interesting information on the NYT and Bloomberg stories misconstruing things. That's one thing that bugs me about news services sometimes, that they put things into stories that just aren't there or spin them just enough to mislead you or guide you in a direction they want you to go.
I really just want news reported as fact and leave opinions and speculation out of it or make it very clear that an article or news story/TV show includes opinions.
 

CFreymarc

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Sep 4, 2009
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This is a classic transversal marketing move.

That is, no one is interested in you, fake someone is interested in you and then someone real is interested in you.

I bet both Lyft and Über are looking for a cash out before the presidential election. This is just buzz to attract buyers.
 

2457282

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Dec 6, 2012
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Interesting information on the NYT and Bloomberg stories misconstruing things. That's one thing that bugs me about news services sometimes, that they put things into stories that just aren't there or spin them just enough to mislead you or guide you in a direction they want you to go.
I really just want news reported as fact and leave opinions and speculation out of it or make it very clear that an article or news story/TV show includes opinions.
I would agree with you wholeheartedly, but think I need to say that even MR inserts opinions and biases into their reporting. It is part of Human nature and with the fast reporting of today, there is just not enough time for careful editing where these kinds of things can be noted and removed before the article is posted.
 

SandboxGeneral

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Sep 8, 2010
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I would agree with you wholeheartedly, but think I need to say that even MR inserts opinions and biases into their reporting. It is part of Human nature and with the fast reporting of today, there is just not enough time for careful editing where these kinds of things can be noted and removed before the article is posted.
Yeah, I know they do it too, but at least, most of the time, its fairly clear when our editors are doing that rather than passing speculation or opinion off as fact like other news agencies do sometimes.

Its just one of those little things that bug me when I think about - nothing I'll lose sleep over. But in the case of the Lfyt articles out there, its quite clear that the reporting has caused a problem by not being clear on the subject and its bitten Bloomberg and the NYT because of it - not that they'll probably care about it though.
 

sudo1996

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In a market, you never want to look like you're desperate for a buyer or a seller. Just pretend like you've got everything you need. It's kinda like with dating.
 
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