Just Eat Takeaway ‘vulnerable to takeover bids’, activist investor warns

Cat Rock Capital urged the food delivery company to explore “strategic options.”

A major shareholder of Just Eat Takeaway.com (JET) has called for the food delivery group to take urgent action to increase its share price, citing potential vulnerability to takeover bids.

Cat Rock Capital, which owned stakes in both Just Eat and Takeaway.com prior to the companies’ £6 billion merger last year, blamed the 27% drop in the group’s share price this year on “broken communication” with investors.

The activist investor, which advocated for the merger in 2019, is asking the group to explore “strategic options”, including divestments or “strategic combinations with other global players.”

“JET can quickly and materially improve its standing in the capital markets by improving transparency, selling non-core assets, and exploring strategic options to strengthen the business and generate significant shareholder value,” Alex Captain, Cat Rock’s founder and managing partner, said in a statement.

Cat Rock Capital has a 4.7% stake in Just Eat Takeaway.com.

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