The hedge fund agitating for an overhaul at Just Eat has turned up the heat on the takeaway delivery giant after demanding that it seeks a merger with a rival.
Cat Rock Capital Management, which owns 1.7 per cent of the company, said that a transaction would be a “better alternative” than sticking with the company’s “plodding” board.
In a scathing open letter published this morning the hedge fund attacked directors over their recruitment of Peter Plumb, the former boss of Moneysupermarket, to the chief executive’s position in 2017. Mr Plumb was shown the door three weeks ago after only 16 months at Just Eat.
Alex Captain, Cat Rock’s founder and managing partner, said: “We have spoken with many other shareholders, and many of them…