GoTo Stock Rebound May Extend After CEO Vote as Grab Deal Looms

Shares of GoTo Group are seeing signs of new life on hopes that its new leadership — approved Wednesday — will help pave the way for a long-awaited takeover by larger rival Grab Holdings Ltd.

GoTo’s stock has risen more than 20% in Jakarta so far this quarter, beating global ride-hailing and delivery peers. Support from major shareholders and the Indonesian government for an acquisition by Grab have helped drive a turnaround after years of underperformance.

At a meeting Wednesday, GoTo shareholders approved the appointment of Hans Patuwo as chief executive officer, replacing Patrick Walujo, who had been seen ...