Grubhub founder offers over $1 billion to buy back company from Just Eat Takeaway
ft.com — November 15, 2024, 09:01 AM UTC
Grubhub's founder, Matt Maloney, revealed he made two offers exceeding $1 billion to buy back the company from Just Eat Takeaway (JET) earlier this year and in 2022. Both proposals were rejected by JET management. This announcement follows JET's recent sale of Grubhub to Wonder Group for $650 million, a significant loss compared to its $7.3 billion purchase in 2021. JET has been under pressure to divest assets since its acquisition. JET stated that while Maloney was involved in two private equity approaches, those firms withdrew after due diligence. The sale to Wonder is expected to enhance JET's cash flow and growth potential.