Takeaway shares slump another 12% to close below 2016 IPO price

AMSTERDAM (Reuters) – A fall in the share price of Just Eat Takeaway.com NV accelerated in late European trading on Thursday, with the stock closing down 12% at 21.18 euros ($22.26) in Amsterdam – below the company’s 2016 initial public offering price of 23 euros.

The slump follows the abrupt departure of the company’s chairman and its top operating executive ahead of the company’s fractious annual meeting on Wednesday.

Shareholders, who have seen the stock fall 50% so far in 2022, criticised the company’s board for not challenging management decisions enough, including the $7.3 billion purchase of U.S. rival Grubhub in June 2021.

Takeaway founder and CEO Jitse Groen repeated at the meeting he now plans to either sell or find a partner for Grubhub.

Shareholders urged Groen at Wednesday’s meeting to consider selling other businesses as well in order to focus on the company’s core markets in Europe.

($1 = 0.9513 euros)

(Reporting by Toby Sterling; Editing by Mark Potter)