|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||83.15 - 85.05|
|52 Week Range||53.90 - 90.20|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 13, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||61.81|
The FTSE 100 surged on Friday as fears over the coronavirus in China were eased by the World Health Organization.
FT subscribers can click here to receive Opening quote by email. The decision by UK competition authorities to launch an eleventh-hour review into Takeaway.com and Just Eat’s £6bn merger has thrown one ...
The Dutch meal-delivery company said late Thursday that it expected the U.K. Competition and Markets Authority to launch an investigation into the deal, and the regulator confirmed this Friday.
Dutch food ordering firm Takeaway.com is pressing ahead with its 6.2 billion pound takeover of Just Eat despite a shock last-minute setback when the UK competition authorities said they will probe the deal to create one of the world's largest meal delivery companies. Takeaway said on Friday the investigation by Britain's Competition and Markets Authority (CMA) would only delay completion of the takeover until the end of next week. The probe is the latest twist for Takeaway in its attempt to buy Just Eat, which it first announced in August, and it comes weeks after Takeaway won a months-long bidding war with rival suitor Prosus.
Takeaway said on Friday the company will be renamed “Just Eat Takeaway.com” on January 31, and trading in the combined entity’s shares will begin February 3. Trading in the new stock had been expected to begin on Monday, but the deal, one of the biggest in UK technology in recent years, has been thrown into doubt by the Competition and Markets Authority’s decision to open an investigation. The CMA’s probe, which was announced on Thursday, follows a months-long review of Amazon’s planned minority stake in Deliveroo, Just Eat’s biggest British rival.
Netherlands-based meal delivery company Takeaway.com said the expected timetable for its takeover of British rival Just Eat would be delayed by a week after UK competition authorities said it would look at the deal. Earlier this month, Just Eat's shareholders agreed to the all-stock deal valued at 6.2 billion pounds ($8.2 billion) over a rival bid from tech investment giant Prosus NV.
Competition authorities have launched an eleventh-hour review into Takeaway.com and Just Eat’s £6bn merger, throwing one of the UK’s biggest tech deals in recent years into doubt. Both cases centre on whether the deals would prevent a large new entrant from joining the UK’s vibrant food delivery market. The Netherlands-based Takeaway said the CMA was “unexpectedly” assessing whether it would have entered the UK market without the Just Eat deal.
Deliveroo is facing a funding squeeze at the same time as its biggest British rival in online food apps, Just Eat, has been strengthened by new backing, putting pressure on one of Europe’s most prominent private tech companies. , which has put hundreds of millions of dollars of planned investment from Amazon on hold, for months on end. In the UK, Deliveroo is also facing strong competition from Uber’s Eats division, especially outside London.
(Bloomberg) -- Amazon.com Inc. has offered Deliveroo a loan after a U.K. probe into the food-delivery startup’s last funding round threatened a cash crunch, people familiar with the matter said.Without the backing from Amazon, Deliveroo ran the risk of running low on capital, the people said. While the size of the loan is unclear, the London-based company has significant funds to continue operating, they said, asking not to be identified because the matter is private.A spokesman from Deliveroo declined to comment. An Amazon spokesman initially referred to an earlier statement that said Deliveroo should have “broad access to investors and supporters.”Amazon led a $575 million investment into Deliveroo in May. It was frozen in a surprise move by the Competition and Markets Authority, which has said Amazon’s bid to buy a minority holding in the company had the potential to damage competition in restaurant and grocery delivery. The U.K. competition regulator said last month that it would conduct an in-depth investigation of Amazon’s approximately $500 million investment and will rule on the deal by June 11.Amazon’s loan will be converted into equity if the CMA approves the original deal, the people said. In a statement following the original publication of this story, an Amazon representative said the company continues “to comply with the Initial Enforcement Order issued in June, which requires the parties to operate separately and restricts the parties from entering into non-ordinary course agreements like a loan. Deliveroo and Amazon have been working closely with the CMA and will continue to do so.”Deliveroo had about 185 million pounds ($240 million) in cash and cash equivalents at the end of 2018, according to its latest annual report. While global sales increased 72% in 2018, its net loss before tax widened to 232 million pounds.The intervention signals Seattle-based Amazon’s commitment to expand in the restaurant food delivery market, after winding down its own service in the U.K. and the U.S., which failed to win significant market share.Amazon Prime offers grocery deliveries to major British cities within two hours, but it faces domestic competition from the likes of Ocado Group Plc, an online grocery pioneer that makes its own deliveries and licenses its technology to traditional food shops.Deliveroo Chief Executive Officer Will Shu, a former Morgan Stanley investment banker, previously told Bloomberg that he hopes to tap Amazon’s operational and logistics expertise.While Deliveroo waits for the deal to be approved by the CMA, rivals are busy consolidating. Takeaway.com NV last week declared victory in the battle for Just Eat Plc, while Germany’s Delivery Hero SE said in December it would take control of South Korea’s biggest food delivery app, Woowa Brothers Corp. Prosus NV is also looking to continue doing deals in the sector after losing out in the Just Eat deal.(Updates with Amazon comment in the fifth paragraph.)To contact the reporter on this story: Giles Turner in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Tom Giles at email@example.com, Amy Thomson, Nate LanxonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Prosus NV hasn’t lost its appetite for food delivery, even after the e-commerce giant was defeated in a grueling $8 billion bidding war for U.K. firm Just Eat Plc.Takeaway.com NV last week declared victory in the battle for Just Eat, saying investors holding 80.4% of the shares had formally backed its all-stock bid and rejected a cash offer from Prosus. But the Naspers Ltd.- controlled company has alternative targets to pursue, according to head of ventures and food, Larry Illg.“We continue to look at lots of different options in this space,” Illg said in a phone interview.Prosus -- spun off by South African parent Naspers in September -- has targeted food delivery as a key market for investment as more people opt to order in meals rather than cook. The company also has stakes in Delivery Hero in Germany and India’s Swiggy alongside a controlling stake in iFood in Brazil.One option for further expansion could even see Amsterdam-based Prosus going back to the negotiating table with Takeaway, which is based in the same city. The new owner of Just Eat has said it will consider selling the British firm’s 33% stake in iFood, in which Prosus is the majority shareholder.Prosus would consider buying more of the Brazilian firm, though an additional investment would have to make financial sense and won’t be “something that we would do at all costs,” Illg said.“It’s strictly about the financials because it wouldn’t change anything about how we help manage the business,” he added.Illg’s comments come as food-delivery companies race to consolidate to withstand fierce competition from firms such as Uber Technologies Inc.’s Uber Eats and myriad other apps. Takeaway’s new combined company, listed in London, will become one of Europe’s largest food-delivery operations after the deal is completed.Grubhub Inc. last week said it “unequivocally” isn’t running a sale process, denying reports in The Wall Street Journal and New York Post that the U.S. firm is on the auction block. Meanwhile, Amazon.com Inc.’s attempt to purchase a minority stake in British food delivery startup Deliveroo has run into unexpected scrutiny from U.K. antitrust regulators who’ve opened an in-depth investigation into the deal.Asked about Grubhub or Deliveroo as possible investment targets, Illg declined to comment, but added Prosus isn’t fixated on pursuing deals in a specific location.“We’re not looking to color in white spaces on the map. It’s very opportunistic,” he said.To contact the reporter on this story: Natalia Drozdiak in Brussels at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, John BowkerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Online food ordering company Takeaway.com has won the battle for Britain's Just Eat with a 6.2 billion pound ($8 billion) share offer that will create one of the world's largest meal delivery companies. Takeaway said that 80.4% of Just Eat shareholders had agreed to its all-share offer, passing a 50% threshold needed to make the offer unconditional. "I am thrilled," Takeaway CEO and founder Jitse Groen said in a statement.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Takeaway.com NV has won a months-long bidding war for Just Eat Plc, ending a contentious battle with Prosus NV and creating Europe’s largest food-delivery operation at a time of heightened competition in the industry.Just Eat investors holding 80.4% of its shares have formally backed Takeaway’s all-stock bid, which values the company at about 6.1 billion pounds ($8 billion), Amsterdam-based Takeaway said Friday, confirming an earlier Bloomberg report.The new venture, which currently has a combined market value of about $14 billion, will merge two European food delivery companies at a time of heightened competition in the industry, with rivals such as Uber Technologies Inc. facing off for a share of the fast-growing sector.Following completion of the merger, Takeaway has pledged to explore exiting Just Eat’s 33% stake in Brazil’s iFood, in which Prosus also invested. Takeaway has said it will return about 50% of the net proceeds to shareholders of the combined group.The new company, based in Amsterdam and listed in London, will be called Just Eat Takeaway NV and be the biggest of its kind in Europe. A key battleground will be the U.K., with Uber Eats and Deliveroo investing heavily in the country and expanding from the logistics of delivery -- getting the food from the restaurant to your door -- to launching rival marketplace platforms that concentrate on aggregating available eateries for users.Takeaway’s victory also means it is buying back it’s first attempt at cracking the U.K. market. It launched in the country in 2012, but sold the business four years later to Just Eat, after struggling with growth.Food FightThe Dutch firm announced an all-stock bid for Just Eat in late July valuing the British company at about 731 pence per share, or 5 billion pounds. Prosus, a spinoff from South African media giant Naspers Ltd., swooped in with a hostile cash offer in October, sparking the bidding war.Following Friday’s announcement, Prosus CEO Bob van Dijk said the company would pursue other alternatives.“Just Eat is not an acquisition we wanted to make at any cost” he said. “While we have significant financial capacity we believe that our final offer of 800 pence per share was appropriate in light of the investment required.”Takeaway Chief Executive Officer Jitse Groen, who will lead the new company, was publicly irritated by the Prosus challenge. When asked about whether he’d have to raise his offer at an industry conference in November, he said “I don’t want to be the idiot that runs into a ratio that doesn’t make any sense.”But after a rejection from Just Eat, Prosus publicly raised its bid twice before Takeaway announced its final offer in December, valued at about 916 pence per share at the time.Prosus had argued it has the resources to make the significant investments in Just Eat necessary for it to stay competitive. But Takeaway’s proposal ultimately won support from shareholders including Aberdeen Standard Investments, which said the stock deal would let it maintain exposure to the fast-growing online food delivery market. Just Eat holders will own 57.5% of the combined entity.Deal WaveThe battle between Prosus and Takeaway is one front in larger, sometimes messy, attempts to consolidate the food-delivery industry. Competition in many markets is fierce and profitability is elusive. London-based Just Eat reported an 8.8 million pound net loss in the first half of the year. Takeaway reported a 37.4 million-euro ($41.5 million) loss for the period.Grubhub Inc. put out a statement Thursday that it “unequivocally” isn’t running a sale process, following media reports that it was considering a potential sale. Still, the reports spurred calls for consolidation from analysts.Read more about the analysts’ calls for industry consolidation here.Amazon.com Inc.’s attempt to purchase a minority stake in U.K. delivery startup Deliveroo has drawn unexpected scrutiny from antitrust regulators and the $500 million deal faces an in-depth investigation from the Competition and Markets Authority.Takeaway spent about $1 billion for the German operations of rival Delivery Hero SE in a deal announced in late 2018. Delivery Hero announced last month that it would take control of South Korea’s biggest food delivery app Woowa Brothers Corp., at a $4 billion valuation. Spanish food delivery startup Glovo has drawn preliminary interest from Uber and Deliveroo, people familiar with the matter had said.The deal activity has also led to overlapping ownership stakes, which caused controversy in the Just Eat deal. Prosus was the largest shareholder in Delivery Hero, which was one of the biggest investors in rival bidder Takeaway.(Adds comment by Prosus CEO)To contact the reporters on this story: Natalia Drozdiak in Brussels at firstname.lastname@example.org;David Hellier in London at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.