CART · DoorDash (DASH) filed this Rule 425 communication containing the…

DoorDash (DASH) filed this Rule 425 communication containing the transcript of its Q3 2026 earnings call, which was held on the same day as the filing. The call discusses the pending acquisition of Instacart (CART) for $65.00 per share in a cash-and-stock deal valued at approximately $17 billion equity value. Management emphasized strong Q3 results (record highs in top line and bottom line, accelerating U.S. restaurant growth, and fast growth in new verticals) and outlined expected synergies of $500 million or more annually by year three post-close, with year one focused on reinvestment. No changes to deal terms, timeline (late 2027 or first half 2028), or disclosed opposition were mentioned.

• DoorDash reported record highs in top line and bottom line for Q3 2026.
• U.S. restaurant business accelerated from Q2 to Q3; sequential growth rate in Q3 was the fastest in five-plus years.
• New verticals (Wolt, Deliveroo) also accelerated from Q2 to Q3.
• Management expects $500 million or more in annual synergies net of investments by year three post-close.