Grubhub’s stock rose Wednesday following unconfirmed reports that the Chicago-based restaurant delivery company is considering a sale.
Grubhub shares shot up about 15% after the Wall Street Journal reported the tech company is considering strategic options including a sale of the company. Shares topped $57 Wednesday for the first time since Sept. 23.
Grubhub has been battered by image problems and regulatory threats from politicians in New York, but mostly it’s been weighed down lately by a brutal competitive environment in the delivery business, fueled by DoorDash and others.
In other Chicago-area business news:
Vienna Beef’s nearly 50-year run on Chicago’s North Side is coming to an end.
The hot dog maker is set to move its headquarters early this year from its longtime home to a renovated industrial building on the Near West Side along the North Branch of the Chicago River.
Vienna has signed a long-term lease for all of 2501 W. Fulton St., a nearly 40,000-square-foot building in the Kinzie Industrial Corridor. The move will end a run at 2501 N. Damen Ave. that began in 1972.
And finally, Boeing shares tanked Wednesday, wiping out roughly $4.3 billion in market value in the wake of a fatal 737-800 crash in Iran.
A Ukraine International Airlines flight went down just minutes after takeoff from a major Tehran airport, killing all 167 passengers and 9 crew members on board. The cause is under investigation, but the latest disaster intensifies the crisis Boeing faces in the wake of the crash of two jets that led to the grounding of its 737 Max fleet.
Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.”