DoorDash Files Form 425 in Major Acquisition of Instacart (Maplebear Inc.)

Overview of Filing

On October 29, 2026, DoorDash, Inc. filed a Form 425 with the SEC relating to the subject company Maplebear Inc. (Instacart). This filing is made pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934.

Key Transaction Highlights

• Parties Involved: DoorDash, Inc. (Nevada corporation), Ibiza Merger Sub, Inc. (a wholly owned subsidiary of DoorDash), and Maplebear Inc. (Delaware corporation).
• Merger Agreement Date: Executed as of October 28, 2026.
• Transaction Nature: DoorDash proposes to acquire Instacart, combining the two major on-demand delivery and marketplace platforms.
• Securities Registration: DoorDash intends to file a Registration Statement on Form S-4 registering shares of DoorDash common stock to be issued as merger consideration.

Regulatory Approvals & Conditions

The transaction is subject to standard closing conditions, including:

1. Stockholder approval by Instacart shareholders.
2. Expiration or termination of antitrust waiting periods under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976.
3. International antitrust clearances, specifically under the Competition Act (Canada) and the Israeli Economic Competition Law-1988.

Market & Trading Impact

• Significance: High. A merger between DoorDash and Instacart creates massive industry consolidation in retail and grocery delivery.
• Arbitrage & Volatility: The announcement introduces cross-stock dynamics, potential regulatory scrutiny, and volatility across both tickers.