GrubHub has tapped financial advisers to help with the review, according to the report.
The food-delivery industry faces intensifying competition from Uber Technologies Inc’s UberEats, which has grown into a national competitor, and startups such as DoorDash and Postmates.
GrubHub's shares were up 12.9% at $54.89 in afternoon trade. They lost 37% in 2019, dragged lower by weak sales and an outlook cut in October.
Grubhub said it does not comment on market rumours or speculation, in response to a Reuters' request for comment.
(Reporting by Ambhini Aishwarya in Bengaluru; Editing by Aditya Soni)
