Global buyout giant Apollo is reportedly among suitors for takeaway ordering business Just Eat Takeaway‘s US unit Grubhub, potentially at a huge price cut compared to the $7.3bn paid for it last year.
Some interested parties are considering offers closer to $1bn according to Bloomberg, which cited unnamed people it said had knowledge of the matter.
Just Eat’s shares have slumped 74% in the past year, the report added, amid a wider plunge in tech stocks and growing concern over future interest rate hikes and potential recession.
The Bloomberg report added that Just Eat shareholders including Cat Rock Capital Management had called for the company to separate from Grubhub since last year, with the business revealing it was considering a full or partial sale of the unit two months ago.
Yesterday AltAssets reported that Apollo had teamed up with Mukesh Ambani’s Reliance Industries to make a binding bid for UK chemist chain Boots, which valued the company at £5bn to £6bn.
Apollo raised more than $24bn in 2017 for its biggest-ever private equity fundraise.
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