# Just Eat Takeaway faces shareholder backlash over dealmaking
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-05-04
Category: INVESTING
Category URL: https://financedigest.com/category/investing
Meta Title: Just Eat Takeaway.com NV Board Faces Investor Backlash Over
Meta Description: Get a detailed timeline on the events leading up to the showdown at Just Eat Takeaway.com NV's AGM, including key acquisitions, investor pressures, and
URL: https://financedigest.com/just-eat-takeaway-faces-shareholder-backlash-over-dealmakinghtml

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(Reuters) – Just Eat Takeaway.com NV board was under fire on Wednesday from investors at its AGM who criticised its dealmaking and sagging share price as the boom in online food ordering fades along with the pandemic in many key markets.

Below are the events leading to the showdown at the AGM:

2020:

January – Dutch food delivery company Takeaway.com wins a prolonged battle for [control](https://www.financedigest.com/dutch-telecom-kpn-locks-in-2023-targets-helped-by-cost-controls.html "Dutch telecom KPN locks in 2023 targets helped by cost controls") of British peer Just Eat against Dutch internet conglomerate Prosus. The deal creates [Europe’s largest](https://www.financedigest.com/uk-card-fraud-losses-climbed-18-percent-in-2015-largest-rise-in-europe.html "UK CARD FRAUD LOSSES CLIMBED 18 PERCENT IN 2015, LARGEST RISE IN EUROPE") online meal delivery company.

October – Just Eat Takeaway.com [says its shareholders approved its proposed](https://www.financedigest.com/eu-will-propose-windfall-levies-on-energy-firms-von-der-leyen-says.html "EU will propose windfall levies on energy firms, von der Leyen says") purchase of U.S. rival Grubhub.

2021:

June – Just Eat Takeaway.com completes [acquisition of Grubhub for $7.3 billion](https://www.financedigest.com/chipmaker-infineon-ready-to-spend-billions-on-acquisitions-ceo.html "Chipmaker Infineon ready to spend billions on acquisitions – CEO").

Oct. 15 – [Investor Cat Rock increases stake](https://www.financedigest.com/german-investor-kuehne-does-not-plan-to-further-boost-lufthansa-stake-faz.html "German investor Kuehne does not plan to further boost Lufthansa stake – FAZ") in company to 5.93%.

Oct. 21 – Just Eat Takeaway.com [CEO Jitse Groen says](https://www.financedigest.com/stanchart-ceo-says-at1-bond-wipeout-has-profound-impact.html "StanChart CEO says AT1 bond wipeout has profound impact") he expects Grubhub to eventually be part of a consolidation in the U.S. delivery market, but signals he is not open to [selling the business](https://www.financedigest.com/reasons-why-you-should-hire-a-business-broker-to-sell-your-business.html "Reasons Why You Should Hire a Business Broker to Sell Your Business").

Oct. 25 – Investor Cat Rock urges management to consider selling Grubhub, [saying divesting or spinning off the unit](https://www.financedigest.com/offshore-crews-to-strike-on-bps-north-sea-installations-says-unite.html "Offshore crews to strike on BP’s North Sea installations, says Unite") would improve the company’s valuation.

Nov. 10 – Cat Rock repeats its call to divest Grubhub, the day after competitor DoorDash made a big [move into European markets with a $8.1 billion](https://www.financedigest.com/u-s-to-move-3-5-billion-in-afghan-central-bank-assets-to-swiss-based-trust.html "U.S. to move .5 billion in Afghan central bank assets to Swiss-based trust") purchase of Finland-based Wolt Enterprises OY.

Nov. 17 – Groen says he has no plans to sell Grubhub, but the company is actively looking for strategic [partnerships for the business](https://www.financedigest.com/types-of-business-partnership.html "Types of business partnership").

December – Cat Rock, the company’s second-largest shareholder after Groen, increases stake to 6.88%.

2022:

Feb. 8 – Just Eat Takeaway.com announces it will delist its shares from the Nasdaq stock exchange in a bid to limit [costs and regulatory burdens](https://www.financedigest.com/blessing-or-burden-what-else-could-you-buy-for-the-cost-of-your-timeshare.html "Blessing or burden? What else could you buy for the cost of your timeshare?").

Feb.13 – [CEO Groen says the decision](https://www.financedigest.com/uks-ofcom-delays-bt-fibre-pricing-decision-after-ceo-remarks.html "UK’s Ofcom delays BT fibre pricing decision after CEO remarks") to de-list from Nasdaq should not be taken as an indication of plans to sell Grubhub.

March – Groen [says the company remains in talks to find a strategic partner for Grubhub and that he would be willing to consider](https://www.financedigest.com/sega-sammy-says-it-is-considering-buying-angry-birds-maker-rovio.html "Sega Sammy says it is considering buying Angry Birds maker Rovio") a minority position in whatever deal emerges.

April 20 – In an abrupt turnaround, the company says it is looking at selling Grubhub, pressured by [investors to revive its shares amid stiff competition and a fading pandemic boost](https://www.financedigest.com/aviva-boosts-investor-payouts-after-profit-beat.html "Aviva boosts investor payouts after profit beat").

April 25 – Cat Rock calls for a major shake-up of the company by [voting out its CFO and several members of its supervisory board](https://www.financedigest.com/hsbc-board-recommends-shareholders-vote-against-spin-off-resolution.html "HSBC board recommends shareholders vote against spin-off resolution").

May 4, 2022 – Two of its most senior leaders step down, just hours before the AGM. [Shares fall](https://www.financedigest.com/tomtom-shares-fall-as-2023-uncertainties-outweigh-q3-beat.html "TomTom shares fall as 2023 uncertainties outweigh Q3 beat") nearly 6%.

Chairman Adriaan Nuehn, whose position had been under pressure, will not seek reappointment while longtime [Chief Operating Officer](https://www.financedigest.com/host-analytics-appoints-chris-labruna-as-chief-revenue-officer.html "Host Analytics Appoints Chris LaBruna as Chief Revenue Officer") Joerg Gerbig is under investigation for “possible personal misconduct at a company event.

($1 = 0.9477 euros)

(Compiled by Elena Vardon and Juliette Portala, editing by Josephine Mason)


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