Not even one full year into its deal to acquire Chicago food delivery firm Grubhub Inc., Just Eat Takeaway.com says it may sell the company.
Just Eat Takeaway said Tuesday in an investor update that it is "actively exploring the introduction of a strategic partner into and/or the partial or full sale of Grubhub." The announcement comes as the company has been under pressure from activist investor Lucerne Capital Management for its financial performance. And last October, activist investor Cat Rock Capital urged the company to sell or spin off Grubhub.
Just Eat Takeaway, based in the Netherlands, has seen its stock tumble 49% year-to-date and almost 70% in the last 12 months.
First announced in 2020, Just Eat Takeaway finalized its acquisition of Grubhub in June of last year. The deal, valued at $7.3 billion, created the largest online food delivery company outside of China and gave Just Eat Takeaway its first U.S. presence.
Four months later, Grubhub CEO and co-founder Matt Maloney stepped down from the company.
Just Eat Takeaway said there's "no certainty" a deal to sell Grubhub will materialize, nor is there a timeline of when such a deal would occur. "Further announcements will be made as and when appropriate," the company said.
Just Eat Takeaway's stock was up 1% Wednesday morning.
