U.S. delisting doesn’t point out plan to promote Grubhub By Reuters

© Reuters. FILE PHOTO: A rider for “Grubhub” meals supply service rides a bicycle throughout a supply in midtown Manhattan following the outbreak of the coronavirus illness (COVID-19) in New York Metropolis, New York, U.S., July 9, 2020. REUTERS/Mike Segar/File Photograph

AMSTERDAM (Reuters) – Simply Eat Takeaway.com CEO Jitse Groen mentioned on Sunday the corporate’s determination to de-list its shares from the Nasdaq inventory trade 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 price discount measure,” Groen instructed Dutch tv programme “Enterprise Class” in an interview. He repeated that the corporate remains to be contemplating numerous strategic choices for the subsidiary’s future.

Takeaway, the biggest meals supply firm in Canada, Germany and Britain, purchased Grubhub for $7.three billion in June final 12 months however has since come below 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 biggest meals supply gamers in every market will, finally, be extremely worthwhile. He acknowledged the corporate is “not no 1” within the U.S. the place it competes with Doordash and Uber (NYSE:) amongst others.

“Now we have to get right into a market place equivalent to we have now within the Netherlands, in order that we are able to earn cash,” he mentioned.

“Now we have plenty of discussions with individuals within the U.S. over Grubhub. (However) in the event you discuss to individuals then you need to have the objective that it improves the enterprise.”

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

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