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Category: Grubhub (NYSE: GRUB) and Takeaway.com (AMS: TKWY)
Date: 4 September 2020 Stock price of Grubhub: $69.39 Stock price of Takeaway.com: €91.10 In this article we take a look at the announcement from Takeaway.com (a dutch based firm) and Grubhub in which they announced regulatory approvals required for the merger has been granted. But shareholders of both firms still needs to give approval.
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The Transaction remains subject to the approval of both Just Eat Takeaway.com's and Grubhub's shareholders, as well as other customary closing conditions.Just Eat Takeaway.com and Grubhub note the Transaction is proceeding as expected and continue to expect the Transaction to be completed in the first half of 2021. "
More About GrubHub
Grubhub (NYSE: GRUB) is a leading online and mobile food-ordering and delivery marketplace with the largest and most comprehensive network of restaurant partners, as well as over 27 million active diners. Dedicated to connecting diners with the food they love from their favorite local restaurants, Grubhub elevates food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub features over 300,000 restaurants and is proud to partner with more than 225,000 of these restaurants in over 4,000 U.S. cities. The Grubhub portfolio of brands includes Grubhub, Seamless, LevelUp, AllMenus and MenuPages.
More About Takeaway.com
Just Eat Takeaway.com (LSE: JET, AMS: TKWY) is a leading global online food delivery marketplace outside China. Headquartered in Amsterdam, the Company is focused on connecting consumers and restaurants through its platforms. With over 205,000 connected restaurants, Just Eat Takeaway.com offers consumers a wide variety of food choice. Just Eat Takeaway.com mainly collaborates with delivery restaurants. In addition, Just Eat Takeaway.com provides its proprietary restaurant delivery services for restaurants that do not deliver themselves.
The combination of Just Eat and Takeaway.com has rapidly grown to become a leading online food delivery marketplace with operations in the United Kingdom, 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.
The combination of Just Eat and Takeaway.com has rapidly grown to become a leading online food delivery marketplace with operations in the United Kingdom, 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.
Press release announcing regulatory approval
AMSTERDAM, Sept. 4, 2020 /PRNewswire/ -- Just Eat Takeaway.com N.V. (AMS: TKWY, LSE: JET), (the "Company" or "Just Eat Takeaway.com") and Grubhub Inc. (NYSE: GRUB) ("Grubhub") announce receipt of all regulatory approvals required in respect of Just Eat Takeaway.com's proposed acquisition of Grubhub.
On 10 June 2020, Just Eat Takeaway.com and Grubhub announced that the parties had entered into a definitive agreement (the "Merger Agreement") whereby Just Eat Takeaway.com is to acquire 100% of the shares of Grubhub in an all-share combination (the "Transaction").
Just Eat Takeaway.com and Grubhub announced that the Committee on Foreign Investment in the United States ("CFIUS") has concluded its review of the Transaction under Section 721 of the Defense Production Act of 1950 and has determined that there are no unresolved national security concerns with respect to the Transaction. As previously disclosed on 2 July 2020, the United Kingdom Competition and Markets Authority (the "CMA") indicated in a response to a briefing paper submitted by Just Eat Takeaway.com in relation to the Transaction that it had no further questions, and on 7 July 2020, the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the Transaction. Therefore, all regulatory approvals required for the completion of the Transaction have now been obtained.
Additionally, on 4 September 2020, Just Eat Takeaway.com and Grubhub announced the entry into an amendment to the Merger Agreement to extend the long stop date under the Merger Agreement from 10 June 2021 to 31 December 2021. The amendment provides additional certainty for the parties regarding the timing of the necessary steps to completion, including the registration of Just Eat Takeaway.com ordinary and American depositary shares in the U.S. under the Securities Act of 1933.
The Transaction remains subject to the approval of both Just Eat Takeaway.com's and Grubhub's shareholders, as well as other customary closing conditions.
Just Eat Takeaway.com and Grubhub note the Transaction is proceeding as expected and continue to expect the Transaction to be completed in the first half of 2021.
On 10 June 2020, Just Eat Takeaway.com and Grubhub announced that the parties had entered into a definitive agreement (the "Merger Agreement") whereby Just Eat Takeaway.com is to acquire 100% of the shares of Grubhub in an all-share combination (the "Transaction").
Just Eat Takeaway.com and Grubhub announced that the Committee on Foreign Investment in the United States ("CFIUS") has concluded its review of the Transaction under Section 721 of the Defense Production Act of 1950 and has determined that there are no unresolved national security concerns with respect to the Transaction. As previously disclosed on 2 July 2020, the United Kingdom Competition and Markets Authority (the "CMA") indicated in a response to a briefing paper submitted by Just Eat Takeaway.com in relation to the Transaction that it had no further questions, and on 7 July 2020, the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the Transaction. Therefore, all regulatory approvals required for the completion of the Transaction have now been obtained.
Additionally, on 4 September 2020, Just Eat Takeaway.com and Grubhub announced the entry into an amendment to the Merger Agreement to extend the long stop date under the Merger Agreement from 10 June 2021 to 31 December 2021. The amendment provides additional certainty for the parties regarding the timing of the necessary steps to completion, including the registration of Just Eat Takeaway.com ordinary and American depositary shares in the U.S. under the Securities Act of 1933.
The Transaction remains subject to the approval of both Just Eat Takeaway.com's and Grubhub's shareholders, as well as other customary closing conditions.
Just Eat Takeaway.com and Grubhub note the Transaction is proceeding as expected and continue to expect the Transaction to be completed in the first half of 2021.
Stock price history of GrubHub and Takeaway.com over the last 3 years
The image below shows the stock price history of GrubHub and Takeaway.com over the last 3 years. The summary below shows the stock price returns for these two firms over the last 3 years
The stock of Takeaway.com has easily outperformed that of GrubHub over the last 3 years.
- Takeaway.com (TKWY): 143.89%
- GrubHub (GRB): 30.4%
The stock of Takeaway.com has easily outperformed that of GrubHub over the last 3 years.
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