GM reportedly approached Lyft, in which it holds a 9% stake, over an acquisition in recent weeks only to be rejected by the ride ordering platform, valued at $5.5bn in January.
US-based ride hailing service Lyft turned down an acquisition offer by automotive manufacturer and investor General Motors, The Information reported on Friday, citing a person briefed on the situation.
Lyft operates a ride hailing app that spans much of the US as well six Southeast Asian countries. It has firmly established itself as the second most widely used company in the sector in the US, and provided seven million rides per month as of January 2016.
The approach was reportedly…
