Did somebody say... Just Eat's mighty Grubhub write-down

JUST EAT takeaway's acquisition of Grubhub last year could soon end in a write-down running into the billions.

Sources told The Sunday Times that Grubhub is set to be sold at a fraction of the $7.3bn (£5.8bn) Just Eat paid in June last year amid pandemicinduced increased demand.

Despite the takeaway giant's chief exec Jitse Groen calling the initial acquisition a "winning combination", the firm has struggled to fend off rivals like Ubereats and Doordash in the States, with suggestions Grubhub could be sold for as little as £1bn.

The stock has taken a battering in recent months - shares have tumbled over 65 per cent in the past six months alone -with activist investors pushing for changes at the top.

(c) 2022 City A.M., source Newspaper