Thursday 9 January 2020 3:22 pm

Takeaway shareholders approve Just Eat acquisition

Takeaway.com shareholders have approved its £5.9bn acquisition of UK delivery platform Just Eat.

The Dutch food ordering company said its plan for an all-share merger received the backing of investors at an extraordinary meeting in Amsterdam today.

Read more: Just Eat board rejects Prosus offer in favour of Takeaway.com merger

On 19 December Takeaway.com, which is embroiled in a battle with rival Prosus to buy Just Eat, said it had assurances from 46 per cent of Just Eat shareholders that they will back the offer. 

Last month Just Eat’s board rejected Prosus’ cash bid, after both companies upped their bids for the company. 

The tender period for both offers ends tomorrow.

Just Eat has said an all-share merger with Takeaway.com would create one of the world’s leading food delivery companies and would “deliver greater value” to shareholders.

Takeaway’s offer would involve an all-share merger with Just Eat worth 916p per share, compared to a previous offer of 731p.

The Dutch company also proposed increasing Just Eat shareholders’ stake in the newly-formed group from 52 per cent to 57.5 per cent. 

Read more: Prosus puts down final offer for Just Eat

Takeaway increased its bid after South African firm Prosus made a final all-cash offer worth 800p per share. 

Prosus had previously made offers worth 710p and 740p per share.

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