Takeaway.com shareholder repeats call to divest Grubhub

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AMSTERDAM, Nov 10 (Businesshala) – Investor Cat Rock, one of the largest shareholders of online food ordering company Just Eat Takeaway.com, on Wednesday renewed its call for the company’s management to sell its US unit GrubHub. did.

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The call comes a day after DoorDash, which is bigger than GrubHub in the United States, made a big move into European markets with its 7 billion euro ($8.10 billion) acquisition of Finland-based VoLTE Enterprises Oy.

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Cat Rock, which holds a 6.5% stake in Takeaway, said selling or spinning off Grubhub would improve Takeaway’s valuation, which has lagged peers over the past year, and that it needs to protect its position in Europe. allows.

Amsterdam-based Takeaway, Europe’s largest food ordering company, completed its $7.3 billion acquisition of GrubHub in June.

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The takeaway has responded to criticism from Cat Rock and other investors last month, noting that it recently acquired GrubHub and plans to defend it against competitors like Uber. The company could not immediately be reached for comment on Wednesday.

Shares of Takeaway fell 3.7% to 60.71 euros as of 0817 GMT Wednesday, and are down 34% so far this year.

$1 = 0.8645 Euro Reporting by Toby Sterling Editing by Lewis Heavens

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