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Just Eat Takeaway announced its decision to delist its shares from the London Stock Exchange, attributing this move to the insufficient liquidity and trading activity of its shares on the market.
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The European food delivery leader Just Eat Takeaway.com is on the brink of being acquired by Dutch investment firm Prosus in a complete cash transaction valued at approximately 4.1 billion euros ($4.3 billion).
The acquisition offer places a value of 20.3 euros per share on Just Eat, which is a substantial premium of 63% compared to the company’s closing price from last Friday.
Prosus, which is predominantly owned by South Africa’s Naspers, already possesses a 28% stake in the prominent food delivery service Delivery Hero.
Fabricio Bloisi, CEO of Prosus and Naspers group, expressed his enthusiasm about the acquisition, stating, “We are thrilled for Just Eat Takeaway.com to become part of the Prosus family and the chance to establish a leading technology champion in Europe.”
“We are confident that integrating Prosus’ robust technological and investment expertise with Just Eat Takeaway.com’s strong brand presence in vital European markets will generate significant value for our customers, delivery drivers, partners, and shareholders,” he added.
Just Eat
The acquisition comes following a challenging period for Just Eat. Similar to many competitors in the food delivery sector, the company’s stock price significantly declined after a surge during the COVID-19 pandemic when consumers increasingly relied on delivery platforms during lockdowns.
A notable change in consumer preferences has led to a marked slowdown in the company’s growth rates.
Last year, Just Eat Takeaway exited the London Stock Exchange, stating its aim to “lower the administrative load, complexity, and expenses associated with the disclosure and regulatory obligations of keeping the LSE listing.” This action designated Amsterdam as the company’s exclusive trading hub.
In November, Just Eat Takeaway.com announced the sale of its GrubHub division to New York-based takeout service Wonder for $650 million, a substantial reduction from the $7.3 billion initially invested in the U.S. food delivery platform.
Jitse Groen, CEO and founder of Just Eat Takeaway.com, remarked, “Prosus is a strong ally of our strategic objectives, and its vast resources will enhance our capability to speed up investments and growth across food delivery, grocery services, fintech, and other related areas. We are eagerly looking forward to a promising future together,” in a statement released on Monday.
— This report includes contributions from CNBC’s Ryan Browne.
