GrubHub Inc. shares rose in the extended session Wednesday following the announcement that Just Eat Takeaway.com NV will acquire the food delivery service in an all-stock transaction. GrubHub shares rose 5.2% after hours, following a 2% rise to close the regular session at $59.05. Amsterdam-based Just Eat Takeaway.com said the deal represents its entry to the U.S. market to form the world’s largest online food-delivery service outside of China. For each GrubHub share, stakeholders will American depositary receipts representing 0.671 an ordinary share of Just Eat Takeaway.com, valued at $75.15 a share. Subject to regulatory clearance, the transaction is expected to close in the first quarter of 2021.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.