(3), However, JETs outperformance evaporated when it announced the Grubhub acquisition in June 2020, with the stock falling over 18% in the four trading days after the announcement. Fee caps have now expired or been amended in most places. JET and Grubhub will suffer from an extended period of strategic uncertainty or from pursuing an unnecessary and costly integration process. Just Eat Takeaway.com's cash and cash equivalents amounted to 2,020 million as per 31 December 2022. Just Eat Takeaway.com completes acquisition of Grubhub - PR Newswire GREENWICH, Conn.--(BUSINESS WIRE)--Cat Rock Capital Management LP (together with its affiliates, Cat Rock Capital), a long-term oriented investment firm and holder of approximately 13.8 million shares in the capital of Just Eat Takeaway.com NV (Just Eat Takeaway.com, JET, or the Company) (LSE: JET, AMS: TKWY, NASDAQ: GRUB), representing circa 6.5% of Just Eat Takeaway.coms outstanding shares, today sent a letter to the JET Management Board. The voting results from the EGM will shortly be published on the website of Just Eat Takeaway.com. June - Just Eat Takeaway.com completes acquisition of Grubhub for $7.3 billion. The full text of Cat Rocks letter is included below and is also available at the following website: JustEatMustDeliver.com. Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY,), hereinafter the "Company", or together with its group companies "Just Eat Takeaway.com", one of the world's largest online food delivery marketplaces, has issued 1,000,000 shares pursuant to various share and option plans. In some cases, you can identify forward-looking statements because they contain words such as "anticipates," "believes," "contemplates," "could," "seeks," "estimates," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. For additional information concerning factors that could cause future results to differ from those expressed or implied in the forward-looking statements, please also refer to Just Eat Takeaway.com's non-exhaustive list of key risks and cautionary statements included in Just Eat Takeaway.com's Annual Report, which is available electronically on Just Eat Takeaway.com's investor website at https://www.justeattakeaway.com/ . This release contains "forward-looking statements" regarding Grubhub, Just Eat Takeaway.com or their respective management's future expectations, beliefs, intentions, goals, strategies, plans and prospects, which, in the case of Grubhub, are made in reliance on the "safe harbor" provisions of the U.S. Grubhub is in great hands with Howard and the Grubhub leadership team, and I'm excited to watch the company continue to thrive.". JET and its predecessor Takeaway.com had dramatically outperformed the market for four years prior to the Grubhub acquisition, delivering a 48% return since its 2016 IPO versus 10% for the MSCI World Index. Important Notice Relating to the Sponsor and Financial Advisers. About Grubhub Grubhub is part ofJust Eat Takeaway.com(LSE: JET) (AMS: TKWY), and is a leading U.S. food ordering and delivery marketplace. (9) According to Google Trends, based on searches for Grubhub and Uber Eats over the past 12 months. (6), Make no mistake we believe that the market is undoubtedly wrong when it attributes a large negative value to Grubhub, which is generating $10 billion of GMV across 4,000 cities with over 300,000 restaurant partners.(7). (1) According to CRC estimates; share price and capitalization according to S&P Capital IQ, as of 22 October 2021; EBITDA reflects Adjusted EBITDA, based on the Companys FY22 GTV guidance and the low-end of the Companys long-term Adjusted EBITDA / GTV margin target, both provided at the Companys Capital Markets Day on 21 October 2021; GTV represents Gross Transaction Value, as defined by the Company. This announcement contains certain forward-looking statements and information that are based on Cat Rock Capitals beliefs, as well as assumptions made by, and information currently available to, Cat Rock Capital. Neither the information nor any opinion contained in this announcement constitutes an inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in Just Eat Takeaway.com or any other company by Cat Rock Capital or any fund or other entity managed directly or indirectly by Cat Rock Capital in any jurisdiction. The Company's cash and cash equivalents amounted to 882 million as per 30 June 2022. read more. Global Delivery Takeaway Food Industry Analysis Report 2021| - openPR.com JETs deeply depressed valuation has real consequences for the Company, its investors, and its other stakeholders: 1) Capital: JETs deeply depressed valuation limits its ability to raise capital on attractive terms, hampering its strategic flexibility and its ability to invest for growth. We welcome Matt and his team to this great company. (6) According to CRC estimates; represents the difference between the Companys current enterprise value and its enterprise value assuming its share price, as of 9 June 2020, performed in-line with the MSCI World Index (EUR) through 22 October 2021; enterprise value based on share price according to S&P Capital IQ, as of 22 October 2021; enterprise value on 9 June 2020 based on pro forma share count, adjusted for shares issued as part of the Grubhub acquisition; amount paid for Grubhub according to Company press release titled, Just Eat Takeaway.com to combine with Grubhub to create a leading global online food delivery player, published on 10 June 2020, purchase price converted from USD to EUR based on FX rate according to S&P Capital IQ, as of 9 June 2020. Just Eat Takeaway.com and Amazon enter into commercial agreement in the Our three largest segments, representing 90% of our Gross Transaction Value, were Adjusted EBITDA positive in the second quarter of 2022. Investor Contact Fix Communication: JET needs to provide investors with transparency on the expected magnitude, composition, and returns of. JETs persistent equity underperformance over the past two years has a clear culprit the decision to acquire Grubhub in June 2020. amount paid for Grubhub according to Company press release titled, " Just Eat . Just Eat Takeaway.com N.V. (AMS: TKWY, LSE: JET, NASDAQ: GRUB), hereafter the "Company" or "Just Eat Takeaway.com", and Grubhub Inc. (NYSE: GRUB) ("Grubhub") are pleased to announce the completion of the Company's acquisition of 100% of the shares of Grubhub in an all-share combination (the "Transaction"). Moreover, JET management must act quickly an extended period of strategic uncertainty or an unnecessary integration will hurt both JET and Grubhub. negative 14 billion of enterprise value for acquiring Grubhub. 1 The Grubhub business was consolidated from 15 June 2021. Just Eat Takeaway.com makes significant progress towards profitability in H1 2022, Northern Europe, North America, and UK and Ireland were Adjusted EBITDA positive in Q2 2022, Statement of Jitse Groen, CEO of Just Eat Takeaway.com: "After a period of exceptional growth, Just Eat Takeaway.com is now two times larger than it waspre-pandemic.Whilst this growth required significant investment, we have continued to focus on executing our strategy to build and operate highly profitable food delivery businesses. By default, joining or signing in using your Facebook account will work and the email address will be shared by Facebook automatically. We believe they are clever, aligned, and entrepreneurial operators, and we do not believe that they will seek to save face instead of taking decisive action to improve the business. Takeaway com : 31-07-2019 Press release H1 2019 Results North America comprises Canada and the United States. Key Points. Management reiterates its intention to monetise its 33% stake in iFood if an appropriate offer is made that reflects the size and superior growth of this asset. 20. Grubhub, Just Eat Takeaway.com and their respective directors and certain of their respective executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed merger under the rules of the SEC. JET Management Has Failed to Fix Deep and Damaging Undervaluation of Equity, JET Stock Price Embeds Significant Negative Value for Grubhub Despite $10 billion of GMV, Cat Rock Urges Immediate Action to Unlock Grubhub Value via Sale or Spin-Off. JET has a clear path to solving its valuation problem unlocking the value of Grubhub. Any estimates, projections or potential impact of the opportunities identified by Cat Rock Capital herein are based on assumptions that Cat Rock Capital believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or performance will not differ, and such differences may be material and adverse. Cat Rock Capital Issues Open Letter to Just Eat Takeaway.com ("JET Just Eat Takeaway.com completes acquisition of Grubhub Nevertheless, the market is undoubtedly wrong to attribute negative value to Grubhub, which has $10 billion of GMV, over 300,000 restaurant partners, coverage of over 4,000 US cities, and a same-day logistics network that delivers 68% of its orders. All expressions of opinion are subject to change without notice, and Cat Rock Capital does not undertake to update or supplement any of the information, analysis and opinion contained herein. The Loss for the period on an IFRS basis was 3.5 billion, predominantly caused by a goodwill impairment of 3.0 billion related to the. This is an excerpt of the original content. Chairman Adriaan Nuehn, whose position had been under pressure, will not seek reappointment while longtime Chief Operating Officer Joerg Gerbig is under investigation for "possible personal misconduct at a company event". This letter is included below and is also available at JustEatMustDeliver.com. The rationale for a sale or spin-off of Grubhub is obvious and urgent. There is no assurance or guarantee with respect to the prices at which any securities of Just Eat Takeaway.com or any other company will trade, and such securities may not trade at prices that may be implied herein. Just Eat Takeaway rocky dealmaking | Reuters We truly believe that the constructive steps we outline here are in the best interest of the Company and its shareholders. The Company also confirms that, as described in the prospectus published by the Company on 12 May 2021 (the " Prospectus "), the admission of 62,798,005 New Just Eat Takeaway.com Shares to the premium listing segment of the UK Official List and to trading on the London Stock Exchange's main market for listed securities took place at 8:00 am BST / 9.00 am CET , 15 June 2021 and that the admission of 62,798,005 New Just Eat Takeaway.com Shares to listing and trading on Euronext Amsterdam also took place at 8:00 am BST / 9.00 am CET , 15 June 2021 . Read the press release here . Is Just Eat Takeaway Choking on Grubhub? | The Motley Fool While forward-looking statements are Grubhub's and Just Eat Takeaway.com's current predictions at the time they are made, you should not rely upon them. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Will southeast Ireland be Europe's next lithium district? Except as required by law, Grubhub and Just Eat Takeaway.com assume no obligation to update these forward-looking statements or this release, or to update, supplement or correct the information set forth in this release or the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. GTV grew 23% and Revenue grew 28% in H1 2022 compared with H1 2021. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. ". July 6 (Reuters) - Amazon (AMZN.O) has agreed to take a 2% stake in Just Eat Takeaway.com's (TKWY.AS) U.S. meal delivery business Grubhub, bringing major relief to Europe's largest meals company . Our path to profitability is accelerating and we expect to continue to materially improve our Adjusted EBITDA in the second half of this year and to be Adjusted EBITDA positive at a Group level in 2023. As a result of the Transaction, the Enlarged Group is now built around four of the world's most attractive markets in online food delivery: the United States , the . Under DeWitt's leadership for the past 11 years as CFO, President, and most recently CEO, Grubhub has grown from $20 million to more than $2 billion in annual revenues, with a network of more than 365,000 restaurants and approximately 400,000 delivery partners in more than 4,000 cities across the United States. SkipTheDishes connects millions of customers with over 47,000 Restaurant Partners in Canada. By signing up you agree to receive content from us. Brazilian market leader iFood continued to deliver strong growth in H1 2022. AMSTERDAM , June 15, 2021 /PRNewswire/ -- The Transaction represents Just Eat Takeaway.com's entry into online food delivery in the United States and builds on the strategic rationale for the Company's merger with Just Eat plc. Northern Europe continued to generate significant profits with an Adjusted EBITDA of 124 million in H1 2022. Already actioned improvements will deliver Adjusted EBITDA guidance for 2022, with further initiatives to be implemented in H2 2022. Just Eat Takeaway.com reiterated that it continues to actively explore the partial or full sale of Grubhub. (7) GMV and restaurant count according to the Companys Capital Markets Day presentation published on 21 October 2021; city coverage according to the Companys June 2021 Company Update presentation; GMV represents GTV, or Gross Transaction Value, as defined by the Company. Shares fall nearly 6%. "He has a proven track record as a leader with a deep understanding of our business, and we are confident in his ability to lead and grow the business into the future. This release contains "forward-looking statements" regarding Grubhub, Just Eat Takeaway.com or their respective management's future expectations, beliefs, intentions, goals, strategies, plans and prospects, which, in the case of Grubhub, are made in reliance on the "safe harbor" provisions of the U.S. Cat Rock Capital is based in Connecticut, USA and was founded in 2015 by Alex Captain. This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Just Eat Takeaway.com completed its acquisition of the U.S. food ordering platform for $7.3 billion barely a year ago, pipping Uber and Germany's Delivery Hero to a deal after a heated takeover . Just Eat Takeaway com N : .com Q3 2021 Trading Update - MarketScreener.com Just Eat Takeaway.com N.V. mainly collaborates with delivery restaurants. Bank of America Europe DAC, Amsterdam Branch (together with Merrill Lynch International, " BofA Securities "), a subsidiary of Bank of America Corporation, is acting as financial adviser exclusively for Just Eat Takeaway.com in connection with the Transaction and for no one else and will not be responsible to anyone other than Just Eat Takeaway.com for providing the protections afforded to its clients or for providing advice in connection with the Transaction. Just Eat Takeaway.com Announces Leadership Changes with its North Exclusive news, data and analytics for financial market professionals, Compiled by Elena Vardon and Juliette Portala, editing by Josephine Mason, Alexandra Hudson, UPS, Teamsters accuse each other of walking away from contract talks, Saudi Arabia says new oil cuts show teamwork with Russia is strong, Airbus trials new wing designs in technology race with Boeing. Alex Captain Genprex Granted Chinese Patent for REQORSA Immunogene Therapy in Combination with PD-1 Ultra Clean Announces Q2 2023 Earnings Call and Webcast, Farmmi Announces New High-Volume, Multi-Customer Orders, Technology is Impacting Our Lives in More Ways Than We Know Detailed Report Here, Rock Tech Lithium advances projects in Canada and Germany, Pan Global drills copper and gold at Escacena Project in Spain. The path forward for JET is therefore very clear JET must unlock the value of Grubhub through a sale or spin-off of the business this year. Forward- looking statements involve substantial risks, known and unknown, uncertainties, assumptions and other factors that may cause actual results, performance or achievements to differ materially from future results expressed or implied by such forward- looking statements including, but not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of one or both of Grubhub or Just Eat Takeaway.com to terminate the merger agreement; the ability to obtain approval by Grubhub stockholders on the expected schedule or at all; difficulties and delays in integrating Grubhub's and Just Eat Takeaway.com's businesses; risks that the proposed merger disrupts Grubhub's or Just Eat Takeaway.com's current plans and operations; failing to fully realize anticipated synergies, cost savings and other anticipated benefits of the proposed merger when expected or at all; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed merger; the risk that unexpected costs will be incurred; the ability of Grubhub or Just Eat Takeaway.com to retain and hire key personnel; the diversion of management's attention from ongoing business operations; uncertainty as to the value of the Just Eat Takeaway.com ordinary shares to be issued in connection with the proposed merger; uncertainty as to the long-term value of the common stock of the combined company following the proposed merger; the continued availability of capital and financing following the proposed merger; the outcome of any legal proceedings that may be instituted against Grubhub, Just Eat Takeaway.com or their respective directors and officers; changes in global, political, economic, business, competitive, market and regulatory forces; changes in tax laws, regulations, rates and policies; future business acquisitions or disposals; competitive developments; and the timing and occurrence (or non-occurrence) of other events or circumstances that may be beyond Grubhub's and Just Eat Takeaway.com's control. For additional information concerning factors that could cause future results to differ from those expressed or implied in the forward-looking statements, please refer to Just Eat Takeaway.com's non-exhaustive list of key risks and cautionary statements included in Just Eat Takeaway.com's Annual Report, which is available electronically on Just Eat Takeaway.com's investor website at www.justeattakeaway.com. Returning Active Consumers as % of Active Consumers, Total Revenue less Order fulfilment costs2. This announcement may contain "forward-looking statements" regarding Grubhub, Just Eat Takeaway.com or their respective management's future expectations, beliefs, intentions, goals, strategies, plans and prospects, which, in the case of Grubhub, are made in reliance on the "safe harbor" provisions of the U.S. 3) Longevity: JETs low valuation leaves it vulnerable to takeover bids significantly below its intrinsic value, permanently impairing returns for existing investors. Just Eat was founded as a separate company in 2001 in Kolding, Denmark, and headquartered in London, United Kingdom from 2006 until its merger in 2020. All subsequent written and oral forward-looking statements attributable to Grubhub, Just Eat Takeaway.com or any person acting on behalf of either party are expressly qualified in their entirety by the cautionary statements referenced above. ", "I am honored to take on the role leading our North America business and becoming the CEO of Grubhub," said Howard Migdal. Delivery Hero winds down in Germany, ceding ground to Just Eat - CNBC As a result of the Transaction, it is expected that Matt Maloney's appointment to the Just Eat Takeaway.com management board, and the appointments of Lloyd Frink and David Fisher to the Just Eat Takeaway.com supervisory board, will become effective shortly after completion, subject only to receiving from each of them formal confirmation that they accept their respective appointments.
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