Cat Rock Capital Said to Boost Stake in Just Eat Takeaway
Cat Rock Capital Said to Boost Stake in Just Eat Takeaway
(Bloomberg) -- A prominent activist investor in Just Eat Takeaway.com NV has increased the size of its stake as the food delivery company’s shares continue to fall.
Cat Rock Capital Management LP has upped its stake to about 14.7 million shares, currently worth 672.7 million euros ($760 million) according to a person familiar with the matter, who asked for anonymity because the information is private. That’s equivalent to about 6.9% of shares, according to data compiled by Bloomberg, up from ownership percentage of 6.5% and 14 million previously disclosed.
Representatives for Cat Rock and Just Eat declined to comment.
The major shareholder has stepped up its campaign in recent months to boost Amsterdam-based Just Eat’s lagging stock performance, including calling for the food delivery firm to sell or spin off its U.S. business Grubhub by the end of this year.
Other investors have also put pressure on the company, including Seth Klarman who has built a stake through his Baupost Group hedge fund. Just Eat’s shares have dropped around 53% this year, and the company has touted a turnaround plan and said it expects 2021 to be its “peak year of losses.”
Greenwich-based Cat Rock reported regulatory assets under management of more than $3 billion in a mid-November filing, up from about $2.5 billion in March 2020.
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