NEW YORK, June 12, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Grubhub, Inc. ("GRUB" or the "Company") (NYSE: GRUB) in connection with the proposed acquisition of the Company by Just Eat Takeaway.com N.V. (AMS: TKWY, LSE: JET) ("Just Eat Takeaway"). Under the terms of the acquisition agreement, GRUB shareholders will receive American depositary shares ("ADS") representing 0.671 ordinary shares of Just Eat Takeaway, for each GRUB share that they own. The merger consideration represented an implied per-share value of approximately $62.29 based on Just Eat Takeaway's June 11, 2020 closing price of $92.83.1
If you own GRUB shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether GRUB's board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, GRUB recently announced positive financial results, including first quarter 2020 revenue of $363 million compared to $323.8 million reported in the same period of 2019, representing a year-over-year increase of 12%.
Moreover, at closing GRUB stockholders will own ADSs representing a mere 30% of the combined company.
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]
1 Converted to USD from EUR at an exchange rate of 1.1288 at closing on June 11, 2020.
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SOURCE WeissLaw LLP