Takeaway merger with Just Eat goes ahead amid competition watchdog probe
Just Eat filed for delisting in the London Stock Exchange after the acquisition deal became final.
The Competition and Markets Authority (CMA) issued an initial enforcement order (IEO) to Just Eat and Takeaway.com merger just before the £5.9 billion acquisition became final.
The hold-separate order requires both firms to remain separated whilst the merger deal is still under probe.
“Just Eat will fully abide by the CMA's order and will work with it in the course of the investigation,” the UK-based delivery company said in a statement.
Following this order, Just Eat chairman Mike Evans and CFO Paul Harrison, both initially slated to join Takeaway’s Board, did not push through with their new positions as chairman of the supervisory board and CFO of the management board, respectively.
On 31 January, the Dutch delivery firm announced that it has received acceptances from 92.2% of Just Eat shareholders, making the offer unconditional in all respects.
Just Eat, meanwhile, has applied for delisting from London Stock Exchange, as well as end to trading, to the Financial Conduct Authority, effective 3 February. This is in accordance with the conditions of the deal.
The CMA launched an investigation on the Just Eat-Takeaway merger as it might lead to the Dutch delivery firm’s re-entry into the UK market.
