Uber (UBER) has rejected an all-stock proposal to buy food delivery company Grubhub (GRUB) for 2.15 Uber shares per share of Grubhub, reports CNBC’s David Faber.According to Faber, the two companies have been in discussions about a deal for about a year, but have so far failed to agree on a price.“We remain squarely focused on delivering shareholder value,” Grubhub wrote in a statement to CNBC. “As we have consistently said, consolidation could make sense in our industry, and, like any responsible company, we are always looking at value-enhancing opportunities. That said, we remain confident in our current strategy and our recent initiatives to support restaurants in this challenging environment.”Meanwhile Uber wrote: “We are constantly looking at ways to provide more value to our customers, across all of the businesses we operate.” The company added: “We have shown ourselves to be disciplined with capital and we do not respond to speculative M&A premiums.”According to Bloomberg, an agreement could be reached as early as this month. The news sent Grubhub shares surging 38%, before closing Tuesday’s trading 29% higher.Overall, Wall Street analysts have a bullish outlook on Uber stock with 26 Buys, 2 Holds and 1 Sell- giving UBER its Strong Buy consensus. The $39.59 average price target indicates 22% upside potential lies ahead. Shares are currently trading up 9% on a year-to-date basis. (See Uber stock analysis on TipRanks).“Clearly this would be an aggressive move by Uber to take out a major competitor on the Uber Eats front and further consolidate its market position, especially as the COVID-19 pandemic continues to shift more of a focus to deliveries vs. ride sharing in the near-term,” Wedbush analyst Ygal Arounian wrote in a report to investors on May 12.He also added that he “wouldn’t rule out a bidding war with DoorDash.”Related News: Uber Puts Hopes on Food Delivery Momentum After $2.9 Billion Loss AMC Takeover Rumors: Is Amazon Taking a Leaf out of Warren Buffet’s “Blood on the Street” Playbook? AMC Pops 11% Amid Potential Acquisition Talks by Amazon More recent articles from Smarter Analyst: * Pfizer Plans To Test Covid-19 Vaccine On Thousands Of Patients By September- Report * Gilead Signs Remdesivir Licensing Agreements With Five Drugmakers * Las Vegas Sands Puts A Lid On Potential Japanese Development * PayPal Seeks To Raise Further $4B; Fitch Affirms ‘BBB+’ Rating

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(Bloomberg) — ABN Amro Bank NV posted a higher-than-expected loss and provisions in the first quarter, prompting new Chief Executive Officer Robert Swaak to ramp up a review of the investment bank as he seeks to return the Dutch lender to profitability.The bank set aside 1.1 billion euros ($1.2 billion) to cover the cost of loans going bad, more than expected, and said the figure may rise to 2.5 billion euros for the full year. The lender reported a net loss of 395 million euros, its first in seven years, partly related to its exposure to two clients.European lenders have set aside billions of euros of as government measures to contain the virus make it harder for clients to repay loans. Adding to that risk, ABN Amro also has one of the biggest exposures in Europe to the global oil-and-gas industry, which was hit hard by the pandemic and roiled by a price war.“The ongoing CIB review is a short-term priority for me,” Swaak said in a statement on Wednesday. Despite recent improvements, “this has not resulted in the required profitability. Also the risk profile of parts of the CIB is not fully aligned with that of the bank.”Investment BankThe investment bank is tied to losses that compound the bank’s challenges in dealing with the pandemic. ABN Amro announced a one-time profit hit at the end of March, when it reported a $200 million net loss at its clearing business, after a U.S. client failed to meet risk and margin requirements amid market volatility caused by the pandemic.While the bank had already indicated it expected a loss, the total was about double analyst estimates of 191 million euros. Provisions were expected to total 711 million euros, according to company-compiled estimates.Two exceptional client cases resulted in a total of 460 million euros of losses in the quarter. One was the previously announced trading loss and the other relates to a “potential fraud case in Singapore.”The Dutch lender made a claim in April against a Singapore oil trading giant that filed for protection from creditors. Hin Leong Trading (Pte) Ltd owes almost $4 billion to more than 20 banks.ABN Amro said it will provide an update in the summer on its strategic review as well as financial targets and capital.The bank’s common equity tier 1 capital ratio stood at 17.3%, just below its target range of 17.5 to 18.5%. Operating profit, which excludes the provisions, declined 13% from a year earlier to 624 million euros.Provisions have varied widely aross Europe as some CEOs take a more agressive stance than others. ING Groep NV earlier set aside 661 million euros, while HSBC Holdings Plc earmarked $3 billion and Italy’s UniCredit SpA set aside about 900 million euros for a potential virus hit. The economy of the eurozone may contract 6% this year, according to the median estimate of bank economists.The economic damage stemming from the virus come on top of the legal issues ABN Amro faces. In the Netherlands, the bank is dealing with an ongoing criminal probe into its money laundering controls, while German law enforcement officials raided the lender’s offices in Frankfurt in relation to a tax scandal.(Adds comment on investment bank in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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