Grubhub CEO Matt Maloney on Just Eat Takeaway deal
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- Опубліковано 17 жов 2024
- Grubhub CEO Matt Maloney joins "Squawk on the Street" to discuss the company's plans to merge with European food delivery company Just Eat Takeaway.
Grubhub CEO Matt Maloney on Thursday doubled down on the company’s decision to merge with Just Eat Takeaway rather than work through a deal with Uber.
Uber’s bid to acquire Grubhub would have brought two of the largest food delivery companies in the U.S. together. However, people familiar with the matter told CNBC that talks fell through amid concerns over antitrust scrutiny.
But Maloney said Grubhub liked Just Eat’s offer better.
“The offer [from Just Eat] was dramatically better. It was a much higher offer. It was a mid sixties offer versus a $75 offer. There was no comparison in terms of economics, there was no comparisons in terms of confidence to get the deal done and here we are and we can continue executing our aggressive financial competitive strategy and win,” Maloney told CNBC’s “Squawk on the Street,” referring to the share price Just Eat and Uber offered.
Still, Grubhub’s ultimate decision to merge with Just Eat confused Uber representatives, according to people familiar with the matter who spoke with CNBC. Uber felt its stock has more upside than shares of Just Eat, making it better currency for Grubhub shareholders, said two of the people. Some Uber representatives also questioned if Grubhub was more attracted to Just Eat’s offer because it would keep current Grubhub executives running the business.
Maloney will join Just Eat’s management board and will lead the combined business in North America. Two Grubhub directors also will join Just Eat’s supervisory board.
“Like ride-sharing, the food delivery industry will need consolidation in order to reach its full potential for consumers and restaurants,” an Uber spokesperson told CNBC on Wednesday. “That doesn’t mean we are interested in doing any deal, at any price, with any player.”
Grubhub and Just Eat Takeaway announced merger terms on Wednesday. Just Eat Takeaway offered 0.67 shares for each Grubhub share, an implied value of $75.15 for each Grubhub share based on June 9′s €98.60 Just Eat Takeaway closing price. Just Eat Takeaway shares fell more than 10% on the news, lowering the offer to about $65.17 per Grubhub share. Uber offered 1.925 shares for each Grubhub share, valuing Grubhub at $67.04 based on Wednesday’s close, according to people familiar with the deal.
Grubhub and Just Eat Takeaway expect their deal to close in the first quarter of 2021.
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Good CEO. Thank you for treating driver well, I appreciated that. Wish you success!
GrubHub is smart & treat drivers better then any other food delivery platform !
@Joshua Merwine what r u talking about ?
@Joshua Merwine they hired Mahony to run USA ! And the deal wont go though till after the first of the year. You really should keep up on how things are going to work
@Joshua Merwine yup i make more now then i did in 2015. I average 60-70 miles for 8hrs and make $220-250 do maybe 16 del a day. Drive 5-6hrs our of 8
I liked his point about profitability. GrubHub is at least profitable most quarters. That puts Uber and DoorDash in a tough position. This moves hurts Uber and DoorDash. This is a cash pipeline for GrubHub.
Definitely, this is like watching a game of RISK and the European player just took enough of Uber´s lunch to stop it from strenghthening and later on battling in its home turf. Uber had its hands tied with regulators.
Consolidation will happen, has to, eventually cheap capital will have to stop pouring in.... it just sucks for Uber shareholders that it didnt happen now.
More discounts for customers, decent price for Grubhub, great strategis move by Just Eat Takeaway..... terrible thing for Uber and Doordash
I love driving for grubhub.. they care about their drivers
once Juts eats took over they cut drivers pay in half and are keeping up to 80% of driver tips,
This is the best ad for Grubhub.
See The memes
It's a smart move. Time to amp it up!
Just Eats Takeaway just delisted GRUB from the NYSE and it's stock price is now worth $5 per share. Matt knew what the future was in store for the industry and he sold at the perfect time before the company lost billions of Dollars.
There's another EU delivery called "Hungry". At least their drivers are... -._-
Matt Maloney showed him..... Uber shoulda paid up for Grub.... Uber's loss.
exactly!
Those who report on the food delivery business are always very unaware of the reality of the business. If Uber could not make its own delivery service successful, how would it have damaged Grubhub.
If people like to pay extra for cold food go ahead
@@thevinceberry I am a GRUBHUB driver and I take my job seriously. i have always made sure the food that I deliver does not come cold. My philosophy is treat the food that you deliver as like you are the customer who is expecting excellent service.
I’m still trying to get a job with grub hub I don’t know why my application is on hold
So why grubhub send me long distance driving orders with low pay? Stop using people
valuation seems a bit off... based on book i think it should be closer to 1:1
JET has ran Grubhub into the ground.
Is this guy delusional? His company is worth almost nothing unless he takes this buyout offer
It's the only delivery company out there not losing money. Though, DoorDash is killing it for market share.
DoorDash loses money on nearly every transaction while giving drivers the shortest end of the stick.
Hey Matt you sols us out without making sure they would not cut our pay it was perfect and fair not now $9 per and have to drive average 6 miles to just pick it up, and now JE is also keeping majority of our tips, and they don't promote tipping as GRUBHUB did before, which is what drivers really makes the difference in all these delivery jobs
NL B tipping is not something you do in europe
grabhub vs doorknob
Maloney bologna. GrubHub isn't profitable, and hasn't been.
Just eats ruined Grubhub for drivers, last year Grubhub had better tips than doordash even doordash drivers that were multi apping would tell me they liked Grubhub better because of the bigger tips, well this year just eats went out of their way to screw drivers they replaced a great tip policy with a preset one dollar tip policy and now they send the offers to the drivers first before they send it to restaurants putting drivers in a situation that they have to wait at restaurants for 10 minutes to an hour, they totally don't care about drivers, I wish Grubhub would have sell to Uber, I have Uber eats and I can go pick up at the the same restaurants that I also pick up for Grubhub and Uber eats zero wait order ready upon arrival with Grubhub cashier would tell me we just received order it will be 20 minutes is ridiculous I hate just eats.
Matt Baloney... Embarrassment
they are not the most valuable food delivery platform in the world, the guy is delusional. Meituan is over 20x the size.
*most valuable outside of china
Try ordering some food with that, see how long it takes you to get it
dashamattic pro I work for grub hub drivers reject offers when you tip to low .. if you tip good they will pick up your order quick and get your food fast
Bad deal.
Bad for Uber and doortrash