Lyft investor General Motors is apparently not content with its 9 percent stake in the ride-hail company, as The Information reports that the car manufacturer just made an offer to buy Lyft outright. The San Francisco-based Uber rival, however, wasn't having it.
In addition to making a $500 million cash investment in Lyft earlier this year, GM has partnered with Lyft to develop self-driving cars. It seems that GM executives continue to believe their future lies with ride-hail companies like Lyft: GM reportedly went so far as to put a specific number forward (a number that we unfortunately don't have). Whatever it was, it clearly wasn't enough.
Although a spokesperson for Lyft refused to address details of The Information's story, the company's apparent dismissal of GM's offer suggests that CEO Logan Green believes his business is doing just fine in its competition with Uber — or, at the very least, doesn't need the money that a GM acquisition would provide. Lyft is valued at $5.5 billion, as compared to Uber's $62.5 billion.
Even if GM isn't about to own Lyft anytime soon, the two will likely continue to work together closely. This relationship is evidenced by an arrangement between the two companies that lets Lyft drivers use General Motors cars for low rates — assuming they hit targets set by Lyft.