Deliveroo Plc is speaking to its advisers about defense strategies after activist investor Sachem Head Capital Management built a stake in the UK food delivery platform, people with knowledge of the matter said.
The London-listed company could become vulnerable after a dual-class share structure — which gives extra voting power to founder Will Shu — expires in April next year, the people said. Sachem Head believes Deliveroo is undervalued and could eventually become a takeover target, though it isn’t yet actively pushing for changes, according to the people.
Founded about a decade ago, Deliveroo has become one of the largest delivery companies in the UK. It went public in 2021 and had one of the worst first years of trading for a major London listing amid concerns about its business model and a broader technology selloff.Deliveroo’s shares have slumped about 70% since the IPO, giving it a market value of about £2.1 billion .
Still, consumers aren’t buying more. Deliveroo customers placed 145.2 million orders in the first half, a drop from the prior year as inflation weighs on household spending.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ottawa mulls fast-tracking international study permits for ‘trusted’ universities, collegesProposed two-tier system would expedite process for foreign students with places at established institutions
Read more »
Ottawa mulls fast-tracking international study permits for 'trusted' universities, collegesProposed two-tier system would expedite process for foreign students with places at established institutions.
Read more »
Hurricane Lee regains strength, expected to head toward Nova ScotiaWatch Hurricane Lee regains strength, expected to head toward Nova Scotia Video Online, on GlobalNews.ca
Read more »
Canada overhauls skeleton staff, appoints Joe Cecchini head coach and technical leadBobsleigh Canada Skeleton has named Joe Cecchini, Kevin Boyer and Micaela Widmer as its newest coaches for the national skeleton program.
Read more »
Private prosecution launched against Edmonton police officer spared criminal charges after kicking teenager in headAn Indigenous man kicked in the head by an Edmonton police constable has launched a private prosecution after the Alberta Crown declined to lay charges against the officer.
Read more »