Lyft sought $9 billion buyout from GM, Apple with no success: Report

Lyft was unable to secure a bid on its business. Don't worry though, it's sitting on $1.4 billion in cash.
Written by Jake Smith, Contributor
(Image: File photo)

Lyft, the second largest ride-hailing startup behind Uber, recently sought to sell itself to Apple, Google, Amazon, and General Motors, the New York Times first reported.

Recode reports the startup was seeking $9 billion in a buyout offer, but wasn't able to secure enough interest. Lyft is even said to have contact its rivals -- Uber and Didi Chuxing. Uber executives wouldn't bid more than $2 billion for Lyft, says Bloomberg.

"There is no shortage of conflicting rumors in our industry and we are not commenting on them," Alexandra LaManna, a spokesperson for Lyft, told USA Today.

Lyft hired Qatalyst Partners in June, a technology-focused boutique specializing in mergers and acquisitions, the Wall Street Journal reported. In its peak month Lyft did 14 million rides, while Uber did 62 million in the same period.

The Information previously reported General Motors, who has a $500 million stake in Lyft, expressed interest in buying the company. Instead, the publication said, Lyft chose a new round of funding where it was valued at $5.5 billion. Lyft is said to have $1.4 billion in cash.

Representatives from Apple, Google, Amazon, and General Motors did not respond to request for comment.

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