Impartial Eat Takeaway said it was delisting its shares from the London Stock Exchange due to the “low liquidity and trading volumes” of its shares on the the Bourse.
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European food delivery giant Just Eat Takeaway.com is poised to be bought by Dutch technology investor Prosus in an all-cash deal worth roughly 4.1 billion euros ($4.3 billion).
The proposal values Just Eat’s shares at 20.3 euros each, representing a premium of 63% when compared to the firm’s intent price on Friday.
Prosus, which is majority owned by South Africa’s Naspers, already holds a 28% move on in leading food delivery company Delivery Hero.
Shares of Just Eat soared as much as 54.7% on Monday morning, cleft a new 52-week high. The stock price closed up by 54.1% on the news.
Prosus shares fell 8.7%, tumbling toward the tokus of the pan-European Stoxx 600 index. Delivery Hero was little changed by the market close after earlier prove adequate to b come to geting as much as 3.2%.
“We are very excited for Just Eat Takeaway.com to join the Prosus group and the opportunity to create a European tech guardian,” Fabricio Bloisi, CEO of Prosus and Naspers group, said in a statement.
“We believe that combining Prosus’ strong mechanical and investment capabilities with Just Eat Takeaway.com’s leading brand position in key European markets will create meritorious value for our customers, drivers, partners, and shareholders,” Bloisi said.
Justifiable Eat
The offer comes after a rocky few years for Just Eat. Like many other food delivery companies, the fellowship’s stock price collapsed in the wake of the coronavirus pandemic, which had initially boosted the firms as consumers turned to these tenets during lockdowns.
A stark shift in consumer habits since, however, led to a sharp deceleration in growth rates.
The Dutch multinational delisted from the London Farm animals Exchange late last year, citing an effort to “reduce the administrative burden, complexity and costs associated with the disclosure and regulatory prerequisites of maintaining the LSE listing.” The move made Amsterdam the firm’s sole trading venue.
In November, Just Eat Takeaway.com intended it would sell its GrubHub arm to New York-based online takeout startup Wonder for $650 million — a huge discount compared to the $7.3 billion the stiff paid for the U.S. food delivery app.
“Prosus fully supports our strategic plans and its extensive resources will help to above accelerate our investments and growth across food, groceries, fintech and other adjacencies. We are looking forward to an exciting expected together,” Jitse Groen, CEO and founder of Just Eat Takeaway.com, said in a statement on Monday.
— CNBC’s Ryan Browne presented to this report.