The British food delivery company Just Eat and its Dutch competitor Takeaway.com have reached an agreement on the key aspects for a possible merger of both companies through an exchange of shares that would give rise to one of the largest online platforms of delivery of food at home with more than 360 million orders worth 7,300 million euros in 2018.
Under the terms of the agreement, Just Eat shareholders will receive 0.09744 shares of Takeaway.com for each title of the company in their possession, valued at 7.31 pounds each share of Just Eat, 15% above its price last July 26.
Based on this exchange ratio, at the close of the transaction, Just Eat shareholders would control 52.2% of the new company and those of Takeaway.com about 47.8%.
Once the potential merger is completed, it is intended that Mike Evans, current president of Just Eat, will assume the presidency of the board of the new combined company, while Adriaan Nühn, chairman of the supervisory board of Takeaway.com, will assume the vice chair of the board of supervision of the new society.
Also, Jitse Groen, CEO of Takeaway.com, will become the top executive of the new group after the merger, Paul Harrison, current chief financial officer of Just Eat, will assume the same role in the new company, while Brent Wissink, director financial officer of Takeaway.com, and Jörg Gerbig, chief operating officer of Takeaway.com, will share the operations direction of the new combined company.
Once the operation is completed, Takeaway.com expects the new combined group to have its headquarters and domicile in Amsterdam, the Netherlands, with a premium price on the London Stock Exchange and maintaining a significant part of its operations in the United Kingdom.
"The negotiations regarding the other terms of the possible combination continue and are at an advanced stage," the companies said, warning that there can be no certainty that there is finally a transaction. In this sense, according to British regulation, Takeaway.com will have until August 24 to announce if it presents a firm offer for Just Eat or if it gives up. .