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October 8, 2020

Just Eat receives EGM approval for Grubhub acquisition

Online food ordering and home delivery company Just Eat has received approval from its shareholders for the proposed $6.9bn acquisition of Grubhub.

Online food ordering and home delivery company Just Eat has received approval from its shareholders for the proposed $6.9bn acquisition of Grubhub.

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During the Extraordinary General Meeting (EGM), the shareholders also approved the appointment of certain executives.

Grubhub CEO Matthew Maloney has been appointed as a member of the management board and Grubhub’s Lloyd Frink and David Fisher as members of its supervisory board.

However, the proposed supplement to the remuneration policy of the management board in respect of Matthew Maloney was rejected by the EGM.

In June, Just Eat signed a definitive agreement with Grubhub to purchase 100% of its shares in an all-share transaction worth approximately $7.3bn.

The acquisition of Grubhub is expected to help Just Eat to mark its entry to the US food delivery sector.

In September, Just Eat received all regulatory approvals required for the deal.

Dependent on fulfilling conditions, the deal is expected to close in the first half of the next year.

The unified entity will form the biggest food delivery business outside of China with operations in 25 countries.

It will be headquartered and domiciled in the Netherlands with its North American headquarters in Chicago and a significant presence in the UK, Just Eat said.

Takeaway.com acquired its Dutch rival company Just Eat this year in a £5.9bn deal.

The companies faced a preliminary investigation from the UK regulatory authorities that examined whether the deal will ‘result in a substantial lessening of competition’ in the UK market.

Free Report
img

What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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