Online food ordering platform Takeaway has won the race for U.K.’s Just Eat with a 6.2 billion pound ($8 billion) share bid that may form one of the world’s largest meal delivery firms.
Takeaway stated 80.4% of Just Eat shareholders had agreed to its all-share offer, passing a 50% threshold required to make the offer complete.
Takeaway’s offer was worth 906 pence per share on Friday’s close. That trumped a competitor 800 pence cash bid from tech investment big Prosus.
A statement from Prosus chief executive Bob van Dijk thanked Just Eat’s board and stated his firm’s final offer had been “appropriate in light of the investment required” to make Just Ear mpetitive.
The merged firm, which shall be headed by Takeaway chief executive Groen, will have its HQ in Amsterdam and a stock listing in London, with 23 subsidiaries principally in Europe but in addition in Canada, Australia, and Latin America.
Takeaway says the combination will handle orders valued at over rivals, including GrubHub, Delivery Hero, and Uber Eats in a marketplace where China’s Meituan is the biggest player by volume.
While ending a colorful takeover fight, Takeaway’s triumph starts the difficult task of integrating Just Eat.
As an indication, Takeaway has stated the combined firm may have had sales of 1.21 billion euro and a loss of 43 million euros in 2018, though each reported strong sales growth last year.
Takeaway says the combination will obtain annual cost savings of around 20 million euros from centralizing orders on its platform, unifying brands and enhancing procurement.
Prosus, which has investments in delivery services across the globe, including in Germany-primarily based Delivery Hero, could end the battle with a consolation prize.