Takeaway.com CEO: US delisting doesn’t point out plan to promote Grubhub

AMSTERDAM : Simply Eat Takeaway.com CEO Jitse Groen mentioned on Sunday the corporate’s determination to de-list its shares from the Nasdaq inventory change shouldn’t be taken as a sign of plans to promote its Grubhub subsidiary.

The corporate introduced its intention to delist its U.S. shares on Tuesday. Shares of the Amsterdam-based firm stay listed on the Amsterdam and London inventory exchanges.

“It is a value discount measure,” Groen advised Dutch tv programme “Enterprise Class” in an interview. He repeated that the corporate continues to be contemplating varied strategic choices for the subsidiary’s future.

Takeaway, the most important meals supply firm in Canada, Germany and Britain, purchased Grubhub for $7.three billion in June final 12 months however has since come beneath stress from shareholders https://www.reuters.com/article/just-eat-takeaway-investor-idINKBN2HF0N8 to promote the unit.

Within the interview, Groen repeated his conviction that solely the most important meals supply gamers in every market will, ultimately, be extremely worthwhile. He acknowledged the corporate is “not number one” within the U.S. the place it competes with Doordash and Uber amongst others.

“We’ve to get right into a market place equivalent to we’ve got within the Netherlands, in order that we will earn cash,” he mentioned.

“We’ve a number of discussions with folks within the U.S. over Grubhub. (However) if you happen to speak to folks then it’s important to have the purpose that it improves the enterprise.”

Takeaway’s shares closed at 38.25 euros on Friday, down 6per cent on the day. They’ve misplaced two-thirds of their worth since reaching a peak above 109 euros in October 2020.

(Reporting by Toby Sterling; Enhancing by Andrew Heavens)

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