AMSTERDAM, Oct 7 (Reuters) - Just Eat Takeaway.com NV
, the online food-ordering company, on Wednesday said
its shareholders approved its proposed $6.9 billion purchase of
rival Grubhub, but rejected a pay package for the U.S
company's CEO Matthew Maloney.
Takeaway agreed in June to buy Grubhub in a deal to create a
transatlantic group which would be the biggest food delivery
business outside China.
Takeaway founder and CEO Jitse Groen is to become head of
the Takeaway-Grubhub combination, which will be based in
Amsterdam, while Grubhub CEO Maloney is set to lead its North
Takeaway shareholders approved Maloney's appointment to the
board, but rejected a separate motion setting out the terms of
Maloney was to have received a $745,000 base salary in 2021,
with long-term stocks and options grants of up to 1,000% of that
amount as part of a long-term incentive plan, a Takeaway
shareholder circular said.
Large stock bonuses are rare in the Netherlands and were
capped at 100% of base pay across Europe for financial industry
executives in the wake of the 2008 financial crisis.
Takeaway's shareholder circular specified that the merger
itself was not conditional on shareholders' acceptance of
Maloney's new pay deal.
"We will discuss the outcome (of the vote) with Grubhub and
Matt," a Takeaway spokesman said. "Unfortunately we can't
comment further at this time." A Grubhub spokeswoman also
declined to comment.
The companies had said before the vote that the pay package
was designed to ensure Maloney remained with the company and
that it mirrored his current pay and U.S. norms.
Takeaway, which is loss-making but says sales are booming
amid the coronavirus pandemic, is due to report third-quarter
earnings next week.
Takaway also said on Wednesday it still expected the deal to
close in the first half of 2021, pending approval from Grubhub
shareholders and regulators.
(Reporting by Toby Sterling; Editing by Jan Harvey and Jane