Food Delivery Deal Comes With a Large Investor Pickle

What happens when the same investors sit on both sides of a deal? A contentious food-delivery merger in Europe offers a taster.

Last month, Dutch meal-ordering site offered a 15% premium in an all-share merger with Just Eat, the U.K.’s answer to Grubhub. Two fund managers that own close to 10% of Just Eat said this week that the price is too low and that they will vote against the merger, which needs 75% approval at a shareholder ballot in December. The target’s stock is trading above the offer, suggesting investors…

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