(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:
January – Dutch food delivery company Takeaway.com wins a prolonged battle for control of British peer Just Eat against Dutch internet conglomerate Prosus. The deal creates Europe’s largest online meal delivery company.
October – Just Eat Takeaway.com says its shareholders approved its proposed purchase of U.S. rival Grubhub.
June – Just Eat Takeaway.com completes acquisition of Grubhub for $7.3 billion.
Oct. 15 – Investor Cat Rock increases stake in company to 5.93%.
Oct. 21 – Just Eat Takeaway.com CEO Jitse Groen says 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.
Oct. 25 – Investor Cat Rock urges management to consider selling Grubhub, saying divesting or spinning off the unit 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 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.
December – Cat Rock, the company’s second-largest shareholder after Groen, increases stake to 6.88%.
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.
Feb.13 – CEO Groen says the decision 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 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.
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.
May 4, 2022 – Two of its most senior leaders step down, just hours before the AGM. Shares fall nearly 6%.
Chairman Adriaan Nuehn, whose position had been under pressure, will not seek reappointment while longtime Chief Operating 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)