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外賣大戰愈演愈烈,“美國版美團”作價73億美元被收購

90后小伙分析股票被质疑分析2019股票: 外賣大戰愈演愈烈,“美國版美團”作價73億美元被收購

Lizette Chapman, Natalia Drozdiak, 彭博社 2020年06月13日
這筆交易一旦完成,將催生全球最大的一家外賣公司。

2019沪指年线位置 www.839841.tw

歐洲平臺Just Eat Takeaway.com同意斥資73億美元收購總部位于美國的Grubhub,此舉順應了新冠疫情大流行期間外賣訂單激增的潮流。交易一旦完成,將催生全球最大的一家外賣公司。

總部位于荷蘭阿姆斯特丹的Just Eat Takeaway稱,將以全股票交易方式收購GrubHub,每股作價75.15美元,股權價值為73億美元。Grubhub的股價在盤后交易中上漲了約6%,達到62美元以上,而Just Eat Takeaway的股價則下跌了13%左右。

這筆交易使Uber Technologies望而卻步,該公司已經與GrubHub進行了至少一個月的收購談判。在政治壓力下,有人懷疑美國監管機構是否會批準交易。上個月,知情人士透露,Uber和GrubHub在價格上幾乎取得一致意見,但其他問題仍然存在分歧;例如,倘若交易無法完成,GrubHub將獲得多少分手費的條款,兩家公司尚未達成共識。

Grubhub將在美國市場上推出Just Eat Takeaway,擴大其已經遍及全球的業務范圍。除了總部所在的歐洲外,Just Eat Takeaway還在澳大利亞、巴西和加拿大開展業務。Takeaway由荷蘭人吉特斯·格羅恩于2000年在大學宿舍創立,如今他已成長為億萬富翁,去年也在積極尋求擴張。不到兩個月前,Takeaway就斥資80億美元收購了Just Eat,不過卻遭到英國的反壟斷審查。

GrubHub的首席執行官馬特·馬洛尼于2004年幫助創建了這家公司,2013年領導了與競爭對手Seamless的合并,上線了當時占主導地位的外賣網站。但自那以來,GrubHub的地位便一落千丈。市場研究公司Second Measure的數據顯示,目前美國外賣市場的領頭羊為DoorDash Inc.,該公司和Uber已經占據了大部分市場份額;截至4月底,GrubHub的市場份額為23%。

即使疫情大流行期間,人們花更長時間待在家中,叫了更多外賣,該行業競爭仍然處于白熱化狀態。由于在簽約最受歡迎的餐廳和吸引客戶方面競爭激烈,外賣公司的利潤率很低,甚至無法盈利。GrubHub第一季度食品總銷售額為16億美元,實現了8%的增長,但公司報告的凈虧損約為3300萬美元。同期,Uber的外賣訂餐總額達46.8億美元,增幅為52%,但該部門的虧損也有所上升。

一直以來,分析師表示,外賣領域無利可圖的模式不會持續下去,預計會出現合并。Uber原本計劃通過收購Grubhub提高營收并最終實現外賣業務扭轉和盈利,交易失敗無疑對公司造成了打擊。這一戰略變得尤為緊迫,特別是在疫情大流行提振外賣業務、同時重創Uber網約車主業的情況下。Uber已經裁掉了部分員工,并削減了副業。Uber有過依靠并購交易在其運營的市場上取得領先地位的成功案例。

Uber發言人在一份電子郵件聲明中稱,公司認為行業需要整合,但公司對“與任何玩家做不惜代價的任何交易”不感興趣。

談判知情人士稱,最近幾周,Uber和Grubhub管理層之間的矛盾已經到了劍拔弩張的程度。此人指出,爭論點包括:馬洛尼和其他Grubhub高管在Uber會起到什么作用?預計在華盛頓發動魅力攻勢爭取監管機構批準需要一年半的時間,未來的命運將如何?信息提供者希望匿名,因為涉及的是秘密會談。

Just Eat Takeaway稱,馬洛尼將加入董事會,負責北美業務的運營?!拔液吐硤厥且廊話亮⑿幸檔耐飴糶屑?;我們各自在世紀之交創業,盡管公司開在不同的大洲?!盝ust Eat Takeaway創始人格羅恩在一份聲明中指出?!拔頤羌嶁?,在外賣行業,只有實現盈利增長的優質公司才能維持運營?!保ú聘恢形耐?/p>

譯者:Shog

歐洲平臺Just Eat Takeaway.com同意斥資73億美元收購總部位于美國的Grubhub,此舉順應了新冠疫情大流行期間外賣訂單激增的潮流。交易一旦完成,將催生全球最大的一家外賣公司。

總部位于荷蘭阿姆斯特丹的Just Eat Takeaway稱,將以全股票交易方式收購GrubHub,每股作價75.15美元,股權價值為73億美元。Grubhub的股價在盤后交易中上漲了約6%,達到62美元以上,而Just Eat Takeaway的股價則下跌了13%左右。

這筆交易使Uber Technologies望而卻步,該公司已經與GrubHub進行了至少一個月的收購談判。在政治壓力下,有人懷疑美國監管機構是否會批準交易。上個月,知情人士透露,Uber和GrubHub在價格上幾乎取得一致意見,但其他問題仍然存在分歧;例如,倘若交易無法完成,GrubHub將獲得多少分手費的條款,兩家公司尚未達成共識。

Grubhub將在美國市場上推出Just Eat Takeaway,擴大其已經遍及全球的業務范圍。除了總部所在的歐洲外,Just Eat Takeaway還在澳大利亞、巴西和加拿大開展業務。Takeaway由荷蘭人吉特斯·格羅恩于2000年在大學宿舍創立,如今他已成長為億萬富翁,去年也在積極尋求擴張。不到兩個月前,Takeaway就斥資80億美元收購了Just Eat,不過卻遭到英國的反壟斷審查。

GrubHub的首席執行官馬特·馬洛尼于2004年幫助創建了這家公司,2013年領導了與競爭對手Seamless的合并,上線了當時占主導地位的外賣網站。但自那以來,GrubHub的地位便一落千丈。市場研究公司Second Measure的數據顯示,目前美國外賣市場的領頭羊為DoorDash Inc.,該公司和Uber已經占據了大部分市場份額;截至4月底,GrubHub的市場份額為23%。

即使疫情大流行期間,人們花更長時間待在家中,叫了更多外賣,該行業競爭仍然處于白熱化狀態。由于在簽約最受歡迎的餐廳和吸引客戶方面競爭激烈,外賣公司的利潤率很低,甚至無法盈利。GrubHub第一季度食品總銷售額為16億美元,實現了8%的增長,但公司報告的凈虧損約為3300萬美元。同期,Uber的外賣訂餐總額達46.8億美元,增幅為52%,但該部門的虧損也有所上升。

一直以來,分析師表示,外賣領域無利可圖的模式不會持續下去,預計會出現合并。Uber原本計劃通過收購Grubhub提高營收并最終實現外賣業務扭轉和盈利,交易失敗無疑對公司造成了打擊。這一戰略變得尤為緊迫,特別是在疫情大流行提振外賣業務、同時重創Uber網約車主業的情況下。Uber已經裁掉了部分員工,并削減了副業。Uber有過依靠并購交易在其運營的市場上取得領先地位的成功案例。

Uber發言人在一份電子郵件聲明中稱,公司認為行業需要整合,但公司對“與任何玩家做不惜代價的任何交易”不感興趣。

談判知情人士稱,最近幾周,Uber和Grubhub管理層之間的矛盾已經到了劍拔弩張的程度。此人指出,爭論點包括:馬洛尼和其他Grubhub高管在Uber會起到什么作用?預計在華盛頓發動魅力攻勢爭取監管機構批準需要一年半的時間,未來的命運將如何?信息提供者希望匿名,因為涉及的是秘密會談。

Just Eat Takeaway稱,馬洛尼將加入董事會,負責北美業務的運營?!拔液吐硤厥且廊話亮⑿幸檔耐飴糶屑?;我們各自在世紀之交創業,盡管公司開在不同的大洲?!盝ust Eat Takeaway創始人格羅恩在一份聲明中指出?!拔頤羌嶁?,在外賣行業,只有實現盈利增長的優質公司才能維持運營?!保ú聘恢形耐?/p>

譯者:Shog

Europe’s Just Eat Takeaway.com agreed to acquire U.S.-based Grubhub for $7.3 billion, in a deal that creates one of the world’s largest meal-delivery companies as the coronavirus pandemic drives a surge in orders.

Amsterdam-based Just Eat Takeaway said it will pay $75.15 per share for Grubhub in an all-stock deal with an equity value of $7.3 billion. Grubhub’s stock price rose about 6% in extended trading to more than $62, while the European company fell about 13%.

The deal sidelines Uber Technologies, which had been in acquisition talks with Grubhub for at least a month. Political pressure raised questions about whether U.S. regulators would approve such a deal. The two companies had nearly aligned on a price but remained at odds over other issues, including terms of a breakup fee for Grubhub if the deal couldn’t be completed, people familiar with the matter said last month.

Grubhub will launch Just Eat Takeaway into the U.S. market, broadening its already-global reach that includes Australia, Brazil and Canada, in addition to its home base in Europe. Jitse Groen, the Dutch billionaire who created Takeaway in 2000 in his university dorm room, has been looking to expand aggressively over the last year. Less than two months ago, Takeaway received antitrust clearance from the U.K. for its $8 billion acquisition of Just Eat.

Matt Maloney, Grubhub’s chief executive officer, helped start the company in 2004 and led a merger with a competitor, Seamless, in 2013 to create what was then a dominant food delivery website. But Grubhub has fallen far since then. DoorDash Inc., the current leader in the U.S., and Uber have eaten up market share, leaving Grubhub with 23% as of the end of April, according to market research firm Second Measure.

Even as the pandemic has led to a surge in demand for food delivery as people spend more time at home, the industry has been defined by fierce competition. Profit margins are tight or nonexistent due to the stiff competition to sign the most popular restaurants and add customers. Gross food sales for Grubhub rose 8% to $1.6 billion in the first quarter, and the company reported a net loss of about $33 million. Uber’s gross bookings for food delivery increased 52% to $4.68 billion in the same period, but the division’s loss also rose.

Analysts have long said the unprofitable model in food delivery is unsustainable and expected consolidation. For Uber, losing the deal is a blow to the company’s plan to increase revenue and eventually turn a profit from food delivery. That strategy was especially urgent with the pandemic lifting food delivery while decimating Uber’s main business of ride hailing. The company has cut jobs and side businesses as a result. It was relying on deals to achieve a top position in the markets where it operates.

In an emailed statement, a spokesman for Uber said the company believes the industry needs consolidation but that it’s not interested in “doing any deal, at any price, with any player.”

Tensions between management of Uber and Grubhub were boiling over in recent weeks, a person familiar with the discussions said. Among the points of contention: the roles for Maloney and other Grubhub executives at Uber and the fate of a Washington charm offensive to win over regulators that was expected to take a year and a half, said the person, who asked not to be identified because the discussions were private.

Just Eat Takeaway said Maloney will join the board and run the North America business. “Matt and I are the two remaining food delivery veterans in the sector, having started our respective businesses at the turn of the century, albeit on two different continents,” Groen, the Just Eat Takeaway founder, said in a statement. “Both of us have a firm belief that only businesses with high-quality and profitable growth will sustain in our sector.”

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