Lucerne Capital Supports Cat Rock Capital Management's Analysis In Presentation Regarding Just Eat Takeaway.com

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GREENWICH, Conn. and AMSTERDAM, July 27, 2021 /PRNewswire/ -- Lucerne Capital Management ("Lucerne"), a registered investment adviser with a long-term focus and shareholder of Just Eat Takeaway.com ("JET" or the "Company"), today issued the following statement supporting the analysis included in the presentation issued by Cat Rock Capital on July 27. 

We have closely reviewed Cat Rock's analysis included in its July 27 presentation, and completely agree with its observations and conclusions.  Despite JET's market leading positions, long runway for growth, strong execution and its logistics investments paying off, the Company is dramatically undervalued.  Lucerne believes this underperformance is a direct result of management's consistent poor communication, which has significantly damaged its credibility with the investor community.

At these valuation levels, we believe the company has no future as an independent company.  As such, we are fully aligned with Cat Rock's view that the Company should 1) proactively restore investor confidence by structurally improving its communication to the market, 2) aggressively buy back shares, funded by the sale of non-core assets, and 3) explore strategic alternatives to create shareholder value.

About Lucerne Capital Management

Lucerne Capital Management, founded in 2000 and co-managed by Pieter Taselaar and Thijs Hovers, is an investment firm specializing in bottom-up stock selection with a focus on European markets.

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SOURCE Lucerne Capital Management