Grubhub To Be Bought By Just Eat Takeaway.com

Food deliver company Grubhub Inc. (GRUB) on Wednesday said it has agreed to be acquired by European peer Just Eat Takeaway.com N.V. (JET.L) in an all-stock transaction valued at $7.3 billion.

The companies said the merger would create the world's largest online food delivery company outside of China, based on Gross Merchandise Value and revenues.

The deal will help Just Eat Takeaway.com enter the online food delivery market in the US. The companies said that the combined group will be built around four of the world's largest profit pools in online food delivery: the U.S., the U.K., the Netherlands and Germany.

Under the terms of the deal, Grubhub shareholders will be entitled to receive American depositary receipts representing 0.6710 Just Eat Takeaway.com ordinary shares in exchange for each Grubhub share, representing an implied value of $75.15 for each Grubhub share.

Following the completion of the merger, Grubhub shareholders are expected to own ADRs representing about 30.0% of the combined company.

On completion, Matt Maloney, CEO and founder of Grubhub, will join the Just Eat Takeaway.com Board and will lead the combined group's businesses across North America and two current Grubhub Directors will join the Just Eat Takeaway.com Supervisory Board.

The deal is subject to the approval of both Just Eat Takeaway.com's and Grubhub's shareholders. The merger is expected to be completed by the first quarter of 2021.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The five-day holiday shopping period from Thanksgiving Day through Cyber Monday saw about 180 million Americans making in-store and online purchases, according to the National Retail Federation's Annual Thanksgiving Weekend Consumer Survey, conducted by Prosper Insights & Analytics. The shoppers spent an average of $301.27 on holiday-related purchases such as gifts, décor, apparel and toys. Biopharmaceutical company Immunome, Inc. (IMNM) announced Wednesday that it has conducted an assessment of the reported mutations in the new SARS-CoV-2 variant, Omicron (B.1.1.529). Based upon structural mapping of those mutations and activity against previous and current CDC variants of concern,... CVS Health said it has installed time delay safe technology in all 392 Illinois CVS Pharmacy locations, including those in Target stores, to help reduce organized retail crime. The installation of new safes for controlled substances are anticipated to help prevent pharmacy robberies. There is also potential for associated diversion of controlled substance medications, including opioid medications.
Follow RTT