Monitor for regulatory developments under HSR, Canadian Competition Act, and Israeli Economic Competition Law, as well as the filing of the S-4 registration statement and proxy statement/prospectus. The deal's long timeline (late 2027 to first half 2028) leaves significant execution and regulatory risk.
How the stock moved after the report
⚠ Clustered NEUTRAL VIEWSTOCK ABOVE ENTRY AT T+1- T+0 · Oct 29 $56.45entry
- T+1 · 6d ago +2.02%α +2.50% · $57.59
- T+5 · due 12h ago Pending
- T+5 · todayOpen
- T+20 · in 22d Pending
- T+60 · in 3mo Pending
Price Chart
REPLAYWatch the reaction play outHow similar events traded
Executive Summary
DoorDash filed this Rule 425 communication in connection with its pending acquisition of Instacart for $65.00 per share in a cash-and-stock deal valued at approximately $17 billion equity value. The filing contains standard forward-looking statements and regulatory disclosures, confirming the deal terms and expected timeline (late 2027 or first half 2028). No new financial information, revised terms, or opposition is disclosed.
Key Financial Metrics
Key Facts
- DoorDash will acquire Instacart for $65.00 per share in a cash-and-stock deal valued at approximately $17 billion equity value.
- 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 total.
- Transaction expected to close in late 2027 or first half 2028, subject to regulatory approvals, stockholder vote, and other customary conditions.
- Major stockholders D1 Capital Partners and Sequoia Capital, holding about 19% of Instacart's outstanding shares, have agreed to vote in favor.
- DoorDash reported Q3 2026 record revenue of $4.6 billion (up 34% YoY), net income of $466 million (up 91% YoY), and Adjusted EBITDA of $1.06 billion (up 41% YoY).
Financial Impact
Deal valued at approximately $17 billion equity value, or $65.00 per share.
Risk Factors
- Regulatory approvals may not be obtained or may impose conditions that adversely affect the combined company.
- Instacart stockholder approval is required; failure to obtain it could terminate the deal.
- Integration risks and potential failure to realize expected synergies.
- Litigation related to the proposed transaction could delay or prevent closing.
- Fluctuations in DoorDash's stock price could affect the value of the stock consideration received by Instacart stockholders.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001140361-26-041189 |
| Document: 0001140361-26-041189-index-headers.html | 0001140361-26-041189 |
| Document: 0001140361-26-041189-index.html | 0001140361-26-041189 |
| Document: 0001140361-26-041189.txt | 0001140361-26-041189 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 6d ago | SC 13D/A | $57.59 | awaiting T+5 | awaiting T+5 | $57.79 (+0.35%) |
Oct 30, 2026 6d ago | 425 | $57.59 | awaiting T+5 | awaiting T+5 | $57.79 (+0.35%) |
Oct 29, 2026 6d ago | 425 | $56.45 | awaiting T+5 | awaiting T+5 | $57.79 (+2.37%) |
Oct 29, 2026 7d ago | 425 | $56.45 | awaiting T+5 | awaiting T+5 | $57.79 (+2.37%) |
Oct 29, 2026 7d ago | 425 | $56.45 | awaiting T+5 | awaiting T+5 | $57.79 (+2.37%) |
Oct 29, 2026 7d ago | 425 | $56.45 | awaiting T+5 | awaiting T+5 | $57.79 (+2.37%) |
Oct 29, 2026 7d ago | 425 | $56.45 | awaiting T+5 | awaiting T+5 | $57.79 (+2.37%) |
Oct 29, 2026 7d ago | Institutional Cluster | $57.11 $57.79 | ▲ +1.19% | ▲ +5.92% | $57.79 (+1.19%) |
Oct 29, 2026 7d ago | 425 | $57.11 $57.79 | ▲ +1.19% | ▲ +5.92% | $57.79 (+1.19%) |
Oct 29, 2026 7d ago | 425 | $57.11 $57.79 | ▲ +1.19% | ▲ +5.92% | $57.79 (+1.19%) |
US Market Status
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