June 10, 2020
Just Eat Takeaway.com nears deal for meal delivery firm Grubhub
Anglo-Dutch meal delivery firm Just Eat Takeaway.com said Wednesday it is in "advanced discussions" for a deal to buy US company Grubhub, which Uber has also made an offer for.
Just Eat Takeaway.com did not give a figure for the proposed deal, but Uber had offered $6 billion in stock for Grubhub in May in a deal that would have united two of the three largest US players in the sector.
"The Management Board of Just Eat Takeaway.com confirms that it is in advanced discussions with Grubhub regarding an all-share combination of Just Eat Takeaway.com with Grubhub," Just Eat Takeaway.com said in a statement.
"A further announcement will be made when appropriate."
Shares in Just Eat Takeaway fell 12.58 percent to 85.88 euros on Amsterdam's AEX stock exchange at close on Wednesday.
The two firms agreed a deal in January to create a delivery service worth around nine billion pounds ($11 billion) capable of competing against Britain-based Deliveroo and Uber Eats.
Uber had been keen on a deal to take over its rival Grubhub as it has been seeing strong growth in its food delivery operation Uber Eats, partly offsetting the sharp decline in ride-hailing during the global coronavirus pandemic.
© 2020 AFP