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 has decided 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. Taiwan had in February blocked Uber's $950 million purchase of Delivery Hero's Foodpanda business on the island because of concerns it would be anti-competitive.