Taiwan has blocked Uber Technologies’ planned takeover on anticompetition concerns, thwarting the U.S. company’s efforts to expand in Asia.

Uber stock was lower after regulators in Taiwan blocked its plan to acquire a competitor in the market for $950 million.

According to the FTC's decision, the merger would significantly lessen competition in the Taiwan food delivery market, reducing competition that now presses Uber's delivery unit, which is led by Dara Khosrowshahi,