24th Jan 2020 07:55
(Alliance News) - Takeaway.com NV and Just Eat PLC have delayed their merger, Takeaway.com said Friday, as the UK competition watchdog looks into the deal.
Late on Thursday, the Dutch takeaway platform said the Competition & Markets Authority was reconsidering its position on the merger.
The CMA on Friday confirmed it will be looking into whether the combination would lessen competition in the UK takeaway platform sector. The invitation for comment closes on February 6.
The two had originally envisaged trading beginning in London as a new company on Monday next week, and the name was to be changed to Just Eat Takeaway.com NV Friday this week.
However, due to the CMA move, the timetable has been delayed by a week, and the new company will be renamed on January 31 and start trading February 3.
Takeaway.com currently has acceptances from 90% of Just Eat shareholders, but will be able to compulsorily buy those shares not accepted under UK corporate law on the same terms as those which have accepted.
Takeaway.com won the bidding war for Just Eat earlier in January, in a deal worth 916 pence per Just Eat share. South African media and internet investor Prosus NV had offered 800p.
Just Eat shares, which are still trading in London, closed flat on Thursday at 880.60p.
By George Collard; [email protected]
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