Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY, NASDAQ: GRUB), hereinafter the “Company”, or together with its group companies “Just Eat Takeaway.com”, one of the world’s largest online food delivery groups, notes the statement published by Cat Rock Capital Management LP (“Cat Rock”) today.
The statement follows the Company’s capital markets event on 21 October 2021, during which the Company highlighted amongst other things:
· Its ability to deliver sustainable growth and profits, in part through leveraging its hybrid model
· Its market leadership and outstanding track record of execution, as recently demonstrated by its success in the UK
· Its ability to enhance the experience for consumers and partners using technology and innovation; and
Just Eat Takeaway.com completed the acquisition of Grubhub on 15 June 2021, only four months ago. The Company has explained that, while Grubhub has some specific challenges today, it is a large and growing business with good underlying profitability. The Company has a clear improvement plan to refocus Grubhub on key strongholds, expand new verticals and is excited by Grubhub’s potential.
Just Eat Takeaway.com agrees with Cat Rock that Grubhub has significant strategic value, which is why the Company believes that, over time, it will be a participant in the consolidation of the wider US market as various players combine to optimise last mile delivery. The Just Eat Takeaway.com management team expects to be involved in this consolidation when it comes and intends to do so from a position of strength that reflects the strategic value of Grubhub.
Just Eat Takeaway.com’s management regularly engages with its shareholders, including Cat Rock, and values input from all shareholders who support management’s aim of creating long-term value for the Company. Management believes that it has set out the right strategy for both Grubhub and the Company as a whole.