Partnerships / Acquisitions

Takeaway Says Just Eat Takeover Is Done Deal

Takeaway.com

While the two firms still need the go-ahead from a competition authority before they combine operations, Netherlands-based online food ordering company Takeaway.com made it known that its purchase of Just Eat was a done deal. The Dutch firm said shares in the joined company would start trading on Feb. 3 on the London Stock Exchange, Reuters reported.

Takeaway noted victory on Jan. 10 in its all-stock offer for Just Eat, which came out ahead of a competing Prosus NV cash bid. It was reported that 92.2 percent of shareholders have tendered shares to the offer, and Takeaway is said to look to roll out a squeeze-out process to receive the remainder. 

But a Competition and Markets Authority (CMA) probe is still taking place, and the two firms have to keep operating with separate branding and management until that finishes. Takeaway says it foresees that occurring on March 5. The probe by the CMA is focused on if Takeaway might have come back into the British market if it had not been successful in its Just Eat takeover. Takeaway, however, contends that wasn't the situation.

In a separate announcement, Just Eat said it is certain the combination would not bring about a “significant lessening” of rivalry in the food delivery market in Britain. It also noted it would completely follow the order of the CMA and work with it during the probe.

As previously reported, Takeaway.com said the forecast timetable for its takeover would take longer than previously thought. Takeaway.com said per past reports that Just Eat would be known as Just Eat Takeaway.com as of January’s conclusion and the firm’s shares will start trading with the new name in February,

Just Eat shareholders agreed to the all-stock $8.2 billion deal earlier in January, over the competing bid by Prosus NV. But the CMA had said on Jan. 23 that there may be an investigation into the deal. The regulatory body said it was seeking comments from interested parties by Feb. 6.

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