Maxi agreement in the home food market. The British JustEat and Dutch takeaway.com have announced plans to merge. The operation will create a global group worth approx nine billion pounds, a giant able to compete with the British Deliveroo and the American Uber Eats. After the news broke, JustEat shares rose by 24,5% on the London Stock Exchange by mid-morning, to 791.00 pence.
For the terms of the mergerUnder the proposal, JustEat shareholders would be entitled to receive 0.09744 Takeaway.com shares in exchange for each Just Eat share. Following completion of the merger, Just Eat shareholders will own approximately 52,2% and Takeaway.com shareholders approximately 47,8% of the combined Group's share capital. The transaction implies value for Just Eat of 731 pence per share based on Takeaway.com's closing share price on July 26 with a 15% premium.
Once the merger is finalized, Mike Evans, current Chairman of Just Eat, will become Chairman of the Group Supervisory Board, while Adriaan Nuhn, now Chairman of the Supervisory Board of Takeaway.com, will assume the role of Vice Chairman of the Group Supervisory Board combined. Jitse Groen, CEO of Takeaway.com, is also expected to become CEO of the new group.
The headquarters and tax domicile of the new home-cooked meal giant will be ad Amsterdam, but the shares will be listed on the Stock Exchange London.
