29th Jul 2019 08:08
(Alliance News) - Just Eat PLC and Dutch rival Takeaway.com on Monday confirmed a preliminary agreement for a possible all-share merger between the two.
Under the possible deal, Just Eat shareholders would get 0.09744 Takeaway.com shares for each Just Eat share held, which values Just Eat at 731 pence per share.
This is a 15% premium to FTSE 100 Just Eat's closing price on Friday last week in London. Just Eat shares opened 2.1% higher at 635.60p each on Monday.
Just Eat shareholders would own 52.2% of the combined business, with the shareholders of Takeaway.com owning the rest. It would be led by Takeaway.com Chief Executive Jitse Groen, with Just Eat Chief Financial Officer Paul Harrison and Just Eat Chair Mike Evans taking up the same roles.
The deal, the two said, would create one of the world's largest online food delivery programmes, with a combined 360 million orders worth EUR7.3 billion in 2018.
The combined group would be domiciled in Amsterdam but would retain its premium listing in London.
Sky News had reported on Saturday the two were in talks over a GBP9 billion merger.
Related Shares:
Just Eat