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Takeaway.com and Just Eat have reached an "agreement in principle" on a takeover transaction that would value the latter at £ 5 billion, creating one of the largest food distribution companies. online to the world.
Amsterdam-based Takeaway.com is expected to acquire its London-based rival at 731 pence per share, a 15% premium over Friday's closing price of 636 pence.
The announcement comes after the end of the weekend that the two companies were in talks about a possible merger.
The combination would create a food distribution group with 360 million orders in 2018 for a total of 360 million orders and a strong presence in the UK and Europe. At present, the two companies do not overlap much: Just Eat focuses on the UK and Western Europe and extends into Canada, Latin America and Australia, while that Takeaway.com occupies a dominant position in Germany and Eastern Europe.
Under this agreement, Just Eat's shareholders would own approximately 52.2% of the new company, while shareholders of Takeaway.com would own 47.8%. The proposed agreement gives shareholders of Just Eat 0.09744 share Takeaway.com for every share that they currently own.
Jitse Groen, chief executive of Takeaway.com, will lead the group, Just Eat's CFO, Paul Harrison, retaining his role in the new company.
The merged group – Just Eat Takeaway.com NV – would be incorporated, its head office and head office in Amsterdam, while maintaining a list in London. A "significant part of its operations" would remain in the United Kingdom.
Just Eat and Takeaway.com said on Monday that the talks were "in progress" and "at an advanced stage". Under UK purchase rules, the Dutch group has until August 24 to announce its "firm intention" to bid or withdraw from the market.
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