European food-ordering firm Just Eat Takeaway.com said on Wednesday it had agreed to buy US peer Grubhub in an all-stock deal that, if completed, would create the world’s largest food delivery company outside China.
Grubhub’s stock price rose nearly 6% in after-market trading and Just Eat Takeaway shares closed more than 13% lower
Uber approached Chicago-based Grubhub in May for an all-stock deal that fell apart this week.
Grubhub’s stock price rose nearly 6% in after-market trading and Just Eat Takeaway shares closed more than 13% lower in Amsterdam after the companies disclosed they were in talks in the late afternoon.
Chris Sagers, who teaches at Ohio’s Cleveland-Marshall College of Law, said a deal between Grubhub and Just Eat Takeaway should win easy approval from US antitrust enforcers.
Groen owns a 10.29% stake in Just Eat Takeaway ahead of the Grubhub deal.
