Uber has decided to terminate its agreement to acquire Delivery Hero's Foodpanda business in Taiwan and will pay a termination fee of around $250 million, the food delivery company said on Tuesday. Uber said in an emailed statement that it would not appeal the decision of the Taiwan Fair Trade Commission.

Uber Technologies Inc (UBER) shares traded nearly 1% higher in Wednesday’s pre-market session despite the company deciding to terminate the agreement to acquire Delivery Hero’s Foodpanda business in Taiwan.

Uber Technologies has ended its acquisition of Delivery Hero’s Foodpanda in Taiwan, the Germany-based tech firm said on Tuesday. The announcement comes