Grubhub gets Amazon investment; Prime members to get fee-free food [Financial Post (Toronto, Ontario, Canada)]
DoorDash, Inc. (DASH)
Company Research
Source: Financial Post
Advertisement Announced ahead of Amazon’s July “Prime Day” marketing blitz starting Tuesday, the deal lets the online retailer’s loyalty club members use Grubhub without delivery fees on orders over $12 in more than 4,000 U.S. cities. Shares in Just Eat Takeaway were up 16% at 15.98 euros at 0309 GMT in Amsterdam trading. The deal is a major relief for Europe’s largest meals company, whose stock had fallen 70% this year. Shareholders have demanded it sell or find a partner for Grubhub, which it bought last year for $5.8 billion. Demand has waned since the height of the pandemic, and it has lost market share to Doordash and Uber Eats. Amazon will receive warrants representing 2% of Grubhub’s shares, and an additional 13% of shares conditional on the deal bringing Grubhub enough customers. Uber shares fell about 4% on Wednesday, while Doordash stock tumbled about 8%. Just Eat Takeaway specified in a statement it continues to “explore the partial or full sale of Grubhub,” though the
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DASH
Earnings
- 2/15/24 - Miss
DASH
Sec Filings
- 4/19/24 - Form 8-K
- 4/18/24 - Form 4
- 4/16/24 - Form 144
- DASH's page on the SEC website