Just Eat Takeaway to delist shares from Nasdaq

AMSTERDAM (Reuters) – Meal-delivery firm Just Eat Takeaway on Tuesday said it would delist its shares from the Nasdaq stock exchange in a bid to limit costs and regulatory burdens.

Shares of the Amsterdam-based company remain listed on the Amsterdam and London stock exchanges.

“Main considerations for the voluntarily delisting are the low trading volumes on Nasdaq and the low proportion of the company’s total share capital held on Nasdaq”, Just Eat Takeaway said.

Takeaway made a big move on the American market in June last year, as it bought U.S. delivery firm Grubhub for $7.3 billion.

But it has come under pressure from investors in recent months to sell operations, including Grubhub, to reduce its operating losses as the boost it received from increased orders during the COVID-19 pandemic has begun to fade.

Takeaway shares were down 2% in early trading in Amsterdam on Tuesday, the second-worst performer in the blue chip AEX-index.

At 41.26 euros, the shares have lost 15% of their value so far in 2022 and are far below their all-time high above 109 euros hit in October 2020.

(Reporting by Bart Meijer; Editing by Kirsten Donovan)