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Takeaway.com to buy Delivery Hero's German business in EUR930m deal

Fri, 21st Dec 2018 09:22

(Sharecast News) - Dutch online food delivery company Takeaway.com has agreed to buy the German business of Delivery Hero for around €930m in cash and shares.The consideration will comprise €508m in cash and 9.5m shares in Takeaway.com worth €422m.Takeaway's chief executive officer Jitse Groen said the transaction provides the company with a stronger proposition for both consumers and partner restaurants in the German market."It also allows Takeaway.com to operate on a significantly larger scale which is essential in building a profitable online food delivery business. Although the transaction almost doubles Takeaway.com's orders in Germany, there is still ample growth ahead, given that penetration of online food delivery in Germany is amongst the lowest in Europe. We look forward to welcoming Delivery Hero as a shareholder."Takeaway said the deal enables Delivery Hero to strengthen its global footprint, increase its focus on key growth regions and reinforce is leadership positions.Following completion of the transaction, Delivery Hero will have the right to submit a binding nomination for the appointment of one independent member to Takeaway.com's supervisory board. This right will expire until the date Delivery Hero holds less than 9.99% of the company's issued and outstanding share capital.Niklas Oestberg, CEO of Delivery Hero, said: "This transaction delivers a great deal of benefits to the company and makes us better positioned. We will not only achieve but even exceed our revenue targets for 2019, notwithstanding the deconsolidation of the German business. At the same time we will hold a stake in Takeaway.com and have a significantly better cash position - the latter allowing us to reinvest at attractive returns. We are very excited by the huge opportunity that is growing in front of us, and my sincere thanks go to our German teams for creating such outstanding businesses."RBC Capital Markets analyst Sherri Malek said: "This should be taken positively given it positions Takeaway.com as the single dominant player in the German market, increasing its revenue and profit potential."Management believes significant value creation will be driven by scale benefit and cost synergies mainly from marketing, which should exceed €60m by 2020. We expect at least 30% uplift on revenue from this transaction and should allow Takeaway.com to achieve profitability in Germany earlier than expected, at least by FY20 on our estimates."At 0910 GMT, Takeaway shares were up 26% to €56.40 while Delivery Hero was up 12% to €30.86. Shares in London-listed online food order and delivery service Just Eat were 5.4% higher at 602.80p.
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20 Dec 2019 11:15

Just Eat rejects final Prosus offer, sticks with Takeaway.com

(Sharecast News) - Food delivery business Just Eat has rejected a final enhanced takeover offer from South Africa's Prosus and urged shareholders to approve the £6.3bn bid from Takeaway.com of the Netherlands.

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19 Dec 2019 17:59

UPDATE: Just Eat Reviewing Takeover Offers As Bidding War Heats Up

UPDATE: Just Eat Reviewing Takeover Offers As Bidding War Heats Up

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19 Dec 2019 16:42

Battle for Just Eat hots up as Prosus, Takeaway.com sweeten bids

(Sharecast News) - The battle for Just Eat intensified late on Thursday after Prosus and Takeaway.com sweetened their bids for the London-listed food delivery firm.

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19 Dec 2019 15:46

UPDATE: Takeaway.com Matches Prosus With New Just Eat Offer

UPDATE: Takeaway.com Matches Prosus With New Just Eat Offer

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19 Dec 2019 15:20

TOP NEWS: Prosus Makes Final GBP5.5 Billion Bid For Just Eat

TOP NEWS: Prosus Makes Final GBP5.5 Billion Bid For Just Eat

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12 Dec 2019 11:19

Takeaway.com Extends Just Eat Offer Period As Merger Gathers Pace

Takeaway.com Extends Just Eat Offer Period As Merger Gathers Pace

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12 Dec 2019 09:38

Takeaway.com extends Just Eat offer deadline

(Sharecast News) - Takeaway.com has exended the timetable for its offer for Just Eat after receiving acceptances representing less than 14% of the food delivery group's shares.

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11 Dec 2019 10:59

Liberum slashes price target on Just Eat

(Sharecast News) - Analysts at Liberum slashed their target price on delivery business Just Eat from 1,360p to 870p on Wednesday after the firm's board rejected an improved takeover bid from Prosus.

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11 Dec 2019 09:00

Takeaway.com accuses Protus of bidding for Just Eat 'on the cheap'

(Sharecast News) - The boss of Takeaway.com has rejected what he says are misleading claims made by Prosus in an attempt to buy Just Eat "on the cheap" as the companies battle to acquire the UK food delivery service.

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11 Dec 2019 08:57

Takeaway.com Lashes Out At Prosus As Just Eat Spat Intensifies

Takeaway.com Lashes Out At Prosus As Just Eat Spat Intensifies

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10 Dec 2019 15:56

Prosus Gets Just Eat Offer Boost From Spanish Regulators

Prosus Gets Just Eat Offer Boost From Spanish Regulators

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10 Dec 2019 08:29

Tuesday broker round-up

(Sharecast News) - ASOS: HSBC upgrades to buy with a target price of 3,615p.

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10 Dec 2019 08:04

TOP NEWS: Just Eat Rejects New Prosus Bid, Still Favours Takeaway.com

TOP NEWS: Just Eat Rejects New Prosus Bid, Still Favours Takeaway.com

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10 Dec 2019 07:29

Just Eat rejects revised Prosus offer

(Sharecast News) - Online food takeaway service Just Eat on Tuesday rejected a revised 740p-a-rival share offer from Prosus, saying it "significantly" undervalued the company.

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9 Dec 2019 12:07

UPDATE: Prosus Offer For Just Eat Still "Derisory", Says Takeaway.com

UPDATE: Prosus Offer For Just Eat Still "Derisory", Says Takeaway.com

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