DoorDash Files Form 425 on Proposed Acquisition of Instacart (Maplebear Inc.)

Transaction Overview

On October 29, 2026, DoorDash, Inc. filed Form 425 with the SEC in connection with its proposed acquisition of Maplebear Inc. (d/b/a Instacart). The filing relates to the Agreement and Plan of Merger dated October 28, 2026, entered into among DoorDash, Ibiza Merger Sub, Inc. (a wholly owned subsidiary of DoorDash), and Instacart.

Key Filing Highlights

• Deal Structure & Consideration: DoorDash plans to acquire Instacart, merging Ibiza Merger Sub, Inc. with and into Instacart. DoorDash intends to register shares of DoorDash common stock on Form S-4 as part of the merger consideration.
• Expected Timeline: The acquisition is targeted to close in late 2027 or the first half of 2028, reflecting anticipated extended regulatory review periods.
• Regulatory & Closing Conditions: Completion is subject to customary closing conditions, approval by Instacart stockholders, and antitrust reviews under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act, the Canadian Competition Act, and the Israeli Economic Competition Law-1988.
• Internal Communications & Operations: The filing contains an internal Q&A emphasizing that DoorDash and Instacart must continue to operate as separate, independent commercial entities until the transaction officially closes. Trading in Instacart stock is restricted for DoorDash management members (M-team) until closing.