The deal faces a long regulatory review period (expected close late 2027 to mid-2028). Key milestones to watch: HSR filing within 20 business days, stockholder vote, and antitrust outcomes in the US, Canada, and Israel. The $1.25 billion reverse termination fee provides downside protection for Instacart if antitrust blocks the deal.
How the stock moved after the report
⚠ Clustered NEUTRAL VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Oct 29 $57.11entry
- T+1 · 5d ago −1.16%α +0.62% · $56.45
- T+4 · todayOpen
- T+5 · in 13h Pending
- T+20 · in 23d Pending
- T+60 · in 3mo Pending
Price Chart
REPLAYWatch the reaction play outHow similar events traded
Executive Summary
DoorDash (DASH) will acquire Instacart (CART) for $65.00 per share in a cash-and-stock deal valued at approximately $17 billion equity value. The aggregate consideration is at least 75% cash, with stockholders able to elect cash, DoorDash stock, or a mix, subject to a cap on stock consideration at 25% of the total. The transaction is expected to close in late 2027 or first half 2028, subject to regulatory approvals, stockholder vote, and other customary conditions.
Key Financial Metrics
Key Facts
- DoorDash will acquire Instacart for $65.00 per share, equity value approximately $17 billion.
- Consideration is at least 75% cash; stock consideration capped at 25% of aggregate.
- Stockholders can elect cash ($65.00), stock (0.3372 DASH shares), or mixed ($48.75 cash + 0.0843 DASH shares).
- DoorDash may elect to issue Class C common stock as Alternative Stock Consideration before March 31, 2027.
- Instacart board unanimously approved; stockholders holding ~19% of shares have agreed to vote in favor.
- Closing expected by end of 2027 or first half of 2028, subject to HSR, Canadian, and Israeli antitrust approvals.
- DoorDash has a $13.0 billion bridge loan commitment from JPMorgan; no financing condition.
- Company termination fee is $650 million; Parent termination fee is $1.25 billion.
- Outside Date is 12 months from signing, extendable up to 4 times by 3 months each for antitrust conditions.
- Instacart will become a wholly owned subsidiary of DoorDash.
Financial Impact
Equity value of approximately $17 billion; $65.00 per share represents a 26% premium to Instacart's closing price on October 22, 2026.
Risk Factors
- Antitrust review in US, Canada, and Israel could delay or block the transaction.
- Integration risks combining two large delivery platforms with overlapping merchant and customer bases.
- Stock consideration cap at 25% may result in proration if oversubscribed.
- Potential for competing bids or shareholder litigation.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001140361-26-041119 |
| Document: ef20084547_ex10-1.htm | 0001140361-26-041119 |
| Document: ef20084547_425.htm | 0001140361-26-041119 |
| Document: ef20084547_ex99-1.htm | 0001140361-26-041119 |
| Document: 0001140361-26-041119-index-headers.html | 0001140361-26-041119 |
| Document: 0001140361-26-041119-index.html | 0001140361-26-041119 |
| Document: 0001140361-26-041119.txt | 0001140361-26-041119 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 4d ago | SC 13D/A | $57.59 $58.31 | ▲ +1.25% | ▲ +0.95% | $59.22 (+2.83%) |
Oct 30, 2026 5d ago | 425 | $57.59 $58.31 | ▲ +1.25% | ▲ +0.95% | $59.22 (+2.83%) |
Oct 29, 2026 5d ago | 425 | $56.45 $57.59 | ▲ +2.02% | ▲ +2.50% | $59.22 (+4.91%) |
Oct 29, 2026 6d ago | 425 | $56.45 $57.59 | ▲ +2.02% | ▲ +2.50% | $59.22 (+4.91%) |
Oct 29, 2026 6d ago | 425 | $56.45 $57.59 | ▲ +2.02% | ▲ +2.50% | $59.22 (+4.91%) |
Oct 29, 2026 6d ago | 425 | $56.45 $57.59 | ▲ +2.02% | ▲ +2.50% | $59.22 (+4.91%) |
Oct 29, 2026 6d ago | 425 | $56.45 $57.59 | ▲ +2.02% | ▲ +2.50% | $59.22 (+4.91%) |
Oct 29, 2026 6d ago | Institutional Cluster | $57.11 $56.45 | ▼ −1.16% | ▲ +0.62% | $59.22 (+3.69%) |
Oct 29, 2026 6d ago | 425 | $57.11 $56.45 | ▼ −1.16% | ▲ +0.62% | $59.22 (+3.69%) |
Oct 29, 2026 6d ago | 425 | $57.11 $56.45 | ▼ −1.16% | ▲ +0.62% | $59.22 (+3.69%) |
US Market Status
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