General Motors Tried To Buy Lyft Outright, Offer Rejected

Ridesharing is becoming such a big deal that General Motors reportedly tried

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by Brad Anderson

August 16, 2016 at 12:30

Ridesharing is becoming such a big deal that General Motors reportedly tried to buy one of the market leaders.

At the start of the year, GM bought a 9 per cent stake in Lyft for a cool $500 million, effectively valuing the company at a staggering $5.5 billion.

Apparently not satisfied with its number of shares, The Information reports the automaker made a bid to acquire Lyft for an undisclosed amount.

It is claimed that the two held high-level talks about a possible deal but Lyft rebuked the offer and instead opted for another round of funding.

Clearly, General Motors is very eager to cash in on the booming ridesharing market and it isn’t the only one. Toyota has already made a sizeable strategic investment in Uber in order to offer new services for customers while also providing Uber drivers with cars and special leases from Toyota Financial Services.