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UK: Takeaway CEO worried about overpaying in US$5.5B Just Eat bid

By  |  November 14, 2019

The CEO of food ordering company Takeaway.com on Wednesday, November 14, said he did not want to overpay as his company pursues an agreed merger with Britain’s Just Eat, despite a higher unsolicited offer from rival Prosus.

Takeaway’s current all-share bid values Just Eat at £4.3 billion pounds (US$5.5 billion), and Takeaway shareholders would receive around 48% of the combined company, reported Reuters. 

In a small crowd of investors and reporters on the sidelines of the Morgan Stanley European Technology, Media & Telecom Conference in Barcelona, CEO Jitse Groen was asked if he wanted to raise his bid. 

“I don’t want to be the idiot that runs into a ratio that doesn’t make any sense,” said Groen, referring to decreasing the percentage of the shares Takeaway.com owners would hold in the merged company. 

When asked again if the answer was “no,” Groen added “No. Look, the combination is the new Booking.com, so I think for investors, that’s the thing to think about,” he said, referring to the online service that grew to dominate its sector by offering the largest selection of hotels and an easy-to-use ordering app.

Full Content: Reuters

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