23rd Apr 2020 09:42
(Alliance News) - Just Eat Takeaway.com NV on Thursday said it raised EUR700 million through a share and convertible bond offering, while UK monopoly regulators cleared the merger that created the current company.
The Anglo-Dutch food delivery tie-up placed 4.6 million shares at EUR87.00 each, raising EUR400.2 million. The stock was 5.0% lower at 7,502.00 pence each in London early Thursday.
The convertible bond offering raised EUR300 million. The bonds mature on April 2026.
"The net proceeds raised from the capital increase and the convertible bond issuance will be used to partially pay down revolving credit facilities currently utilised by both Just Eat and Takeaway.com, for general corporate purposes as well as to provide the company with financial flexibility to act on strategic opportunities which may arise," the FTSE 100 firm said.
The Competitions & Markets Authority in the UK also gave a formal go-ahead to the Just Eat and Takeaway.com merger on Thursday.
The watchdog noted that Takeaway.com, which operates in 11 country overseas, has not been active in the UK since 2016.
"As part of its investigation, the Competition & Markets Authority considered information suggesting that Takeaway.com might have been well-placed to re-enter the UK market and compete with Just Eat, had the merger not gone ahead," the CMA said.
"However, after carefully investigating these concerns and scrutinising large volumes of the two companies' own internal business documents, the CMA is satisfied that there is not a material likelihood that Takeaway.com would have re-entered the UK in the future, had the merger not gone ahead."
Just Eat PLC and Takeaway.com NV merged earlier this year. Takeaway.com won a bidding war for Just Eat in January, beating off Johannesburg- and Amsterdam-listed media and internet investor Prosus NV.
The two companies were initially forced to halt integration, following an order for the CMA.
Last Thursday, the monopoly regulator said it had lifted the enforcement, meaning the recent food delivery tie-up was free to begin its integration.
By Eric Cunha; [email protected]
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