31st Jan 2020 18:10
(Alliance News) - Just Eat PLC on Friday said Chair Mike Evans and Chief Financial Officer Paul Harrison will not be joining Takeaway.com NV's board while a regulatory order remains in force.
On Thursday, the UK Competition & Markets Authority imposed an initial enforcement order which requires Takeaway and acquisition target Just Eat to keep their businesses independent with separate management until the CMA investigation is over.
As such, Evans and Harrison, who had been set to join Takeaway as supervisory chair and CFO and member of the Takeaway management board respectively, will not take up these roles while the order is still in force.
"They will remain in their positions on the Just Eat Board and continue to be fully focused on the further growth and development of Just Eat. Both continue to be available to assume their respective positions on the Boards of Just Eat Takeaway.com once the [initial enforcement order] has been lifted, subject to approval from shareholders. Peter Duffy has agreed to continue in his role as CEO during the period of inquiry," said Just Eat.
Just Eat said it believes in the benefits of the combination, both for business and for shareholders, and is confident the merger would not significantly reduce competition in the UK food delivery market.
In addition, Just Eat said it intends de-list from the London Stock Exchange Main Market effective March 2. Takeaway had previously stated that it intended for Just Eat to proceed with de-listing once more than 75% of shares had accepted its 916 pence per share offer.
In line with this, Just Eat said it will apply for its shares to be suspended starting 0730 GMT on Monday next week, with suspension set to begin before the 0800 GMT market open. The notice period for cancellation has begun and the cancellation is set to take effect March 2.
Shares in Just Eat shares closed down 0.9% at 857.16 pence in London on Friday
By Anna Farley; [email protected]
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