Lyft and U.S. bike-sharing pioneer Motivate signed an acquisition term sheet and have been in the process of trying to finalize a sale, as The Information previously reported. But now Uber, which already made a bike-sharing acquisition of a firm called Jump, is reportedly considering trying to keep Motivate out of Lyft’s hands, according to Axios.
This move would be 100% defensive on Uber’s part. Uber already passed on the chance to buy Motivate this year, and so did Jump (before Uber bought Jump). Is it worth several hundred million dollars (probably in stock) to Uber to cripple Lyft’s plan to catch up to Uber in bike-share services? Hard to say. One thing would be for sure: Motivate shareholders would make out like a bandit.