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Takeaway.com shareholder repeats call to divest Grubhub -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Riders of “Grubhub”, a food delivery company, congregate in Midtown Manhattan after the outbreak of coronavirus (COVID-19), in New York City. This was July 9, 2020. REUTERS/Mike Segar

AMSTERDAM, (Reuters) – Investor Cat Rock (NYSE:) renewed Wednesday its request for Just Eat Takeaway.com’s management and to sell its U.S. division GrubHub (NYSE :).

DoorDash is bigger than GrubHub USA and made this call just days after it acquired Finland’s Wolt Enterprises OY, worth 7 billion euros.

Cat Rock holds 6.5% of Takeaway. It believes that selling off or spinning-off Grubhub will increase Takeaway’s valuation, which is lower than its peers in the last year. This would also allow Takeaway to protect its European positions.

Takeaway Amsterdam, Europe’s biggest food ordering business, acquired GrubHub for $7.3 billion in June.

Cat Rock investors and Takeaway critics last month were rebuffed by Takeaway, who noted that GrubHub had been acquired recently and intends to defend it against Uber (NYSE :). On Wednesday, the company was unable to be reached immediately for comment.

Takeaway’s shares dropped 3.7% to 60.71 Euros by 0817 GMT Wednesday. The share price was 34% below the same time last year.

($1 = 0.8645 euros)

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