Just Eat Takeaway.com Shareholders OK Grubhub Deal - pymnts.com

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Shareholders of Just Eat Takeaway.com have approved the company’s acquisition of Grubhub for $6.9 billion, Reuters reported Wednesday (Oct. 7).

The deal, which is expected to close in the first half of 2021, would make the combined company the biggest food delivery business outside of China and gives Just Eat Takeaway.com delivery inroads in the U.S., according to Reuters. The deal still needs approval from Grubhub shareholders and regulators.

Shareholders also approved the appointment of Grubhub CEO Matthew Maloney to the management board but rejected a pay package for him. Lloyd Frink and David Fisher were also voted to the supervisory board, according to a press release.

Jitse Groen, Takeaway founder and CEO, is slated to head the newly combined Takeaway-Grubhub, which will be based in Amsterdam, Reuters reported. Maloney will head up its North American business.

Maloney was set to receive a $745,000 base salary in 2021, “with long-term stocks and options grants of up to 1,000 percent of that amount,” according to Reuters. The package was intended to make sure Maloney stayed on. Large stock bonuses are uncommon in the Netherlands.

In June, Just Eat Takeaway.com agreed to buy Grubhub. Under the terms of the deal, Grubhub shareholders will receive American depositary receipts (ADRs) representing 0.6710 Just Eat Takeaway.com ordinary shares in exchange for each Grubhub share. Grubhub shareholders will be entitled to ADRs upon completion of the deal, which will add up to around 30 percent of the total for the company, the companies said.

Just Eat Takeaway.com is connected to more than 205,000 restaurants and operates in the U.K., Germany, the Netherlands, Canada, Australia, Austria, Belgium, Bulgaria, Denmark, France, Ireland, Israel, Italy, Luxembourg, New Zealand, Norway, Poland, Portugal, Romania, Spain and Switzerland, as well as through partnerships in Mexico, Colombia and Brazil, according to the release.

Britain’s Competition and Markets Authority (CMA) approved Takeaway.com’s purchase of Just Eat in April.

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