Netherlands-based food delivery company Just Eat Takeaway.com on Wednesday announced its plans to de-list its stock from the London stock exchange at the end of this year, the latest large company to withdraw from the bourse.
The step was aimed at reducing 'the administrative burden, complexity and costs associated with the disclosure and regulatory requirements of maintaining the LSE listing... in the context of low liquidity and trading volumes', the company said.
Just Eat shares will keep being traded on Amsterdam's Euronext exchange, the company said, adding that it could proceed with the London de-listing without asking shareholders for approval. Excluding the US, Just Eat operates in 18 countries. It exited New Zealand and France earlier this year.
Other big companies including travel giant TUI and Flutter Entertainment have also left London recently while others are considering such a move, facing pressure from investors following Brexit-related complications that have squeezed UK market valuations.
Earlier this month, Just Eat Takeaway struck a deal to sell its US unit Grubhub to Wonder for $650 million (€611 million ), sending its shares soaring 20% in early trading.
Just Eat Takeaway had been looking to offload Chicago-based Grubhub since as early as 2022, after acquiring it in 2020 in a $7.3 billion (€6.8 billion) deal amid a pandemic-driven boom in delivery services — a process that was hampered by slowing growth, high taxes and a question of fee caps in New York City.
Grubhub's enterprise value of $650 million (€611 million ) includes $500 million (€470 million) of senior notes and $150 million (€141 million) cash, Wonder said in a statement.
Wonder is a food-delivery startup led by former Walmart executive Marc Lore.
