Just Eat Shareholders Back Takeaway.com Combination

   By Adria Calatayud 
 

Takeaway.com NV (TKWY.AE) said Friday that its offer for Just Eat PLC (JE.LN) has received support from a majority of shareholders of the U.K. company, paving the way for a deal that will create a European food-delivery giant.

The Dutch meal-delivery company said its all-share offer has been declared unconditional as to acceptances after getting the backing of shareholders representing 80.4% of Just Eat and defeating a rival all-cash bid from Prosus NV (PRX.AE).

Just Eat's board had recommended Takeaway.com's offer and rejected Prosus' bid.

"Just Eat Takeaway.com is a dream combination and I am very much looking forward to leading the company for many years to come," Takeaway.com Chief Executive Jitse Groen said.

Mr. Groen will lead the combined entity with Just Eat Chairman Mike Evans as chairman.

As part of the deal, Just Eat shareholders will own a 57.5% stake of the combined group while Takeaway.com investors will hold the remaining 42.5%. The merged entity is worth $13.89 billion based on the respective share prices of Just Eat and Takeaway.com as of Jan. 9.

Takeaway said it now expects the offer to be wholly unconditional by Jan. 31.

Takeaway.com and Just Eat first agreed to merge this summer, but their deal was challenged by a hostile offer from Prosus, a spinoff of South African technology investor Naspers Ltd. (NPN.JO), which houses a major stake in Chinese internet giant Tencent Holdings Ltd. (0700.HK).

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

January 10, 2020 09:49 ET (14:49 GMT)

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