Just Eat in merger talks with Dutch company Takeaway.com

Possible Bid for Just Eat May Spark Food Fight

Shareholders in London-listed Just-Eat will receive 0.09744 Takeaway.com shares for each of share, implying a value of 731 pence per Just-Eat share, a 15% premium to the closing price on Friday.

Just Eat works by providing a single website which can be used to order takeaway and deliveries from many different restaurants and fast food houses.

Just Eat has confirmed it has reached "agreement in principle" with Dutch rival Takeaway.com over a £9bn combination that would create one of the world's largest online food delivery companies.

Shares in Just Eat jumped almost 23% to 780.2p on the news.

It later added that there was "no certainty" that a transaction would take place and "a further announcement will be made if and when appropriate". If the merger is approved, Jitse Groen, the current CEO of Takeaway.com, would become CEO of the new company, and Paul Harrison, the current CFO of Just Eat, would become the CFO of the new company.

Just Eat has dominated in a number of English-language markets, including the UK, Australia and Canada, as well as in South America and Europe.

"Takeaway.com has previously signalled that it wanted to consolidate the market and that it considered the United Kingdom to be one of the most attractive markets in Europe", Mould said. In December, the Dutch food delivery service giant bought German home delivery companies Lieferheld, pizza.de and Foodora from its German competitor Delivery Hero for €930m in a cash share deal.

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