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The fierce battle for U.K. food delivery company Just Eat JE, +1.92% has finally come to an end after Takeaway.com TKWY, +1.62% shareholders approved an all-share £6 billion takeover to create one of the world’s largest meal delivery companies.
The Dutch-listed Takeway.com fought off a rival bid from Prosus, the Amsterdam-listed investment vehicle owned by South African tech giant Naspers NPN, +1.47% after months of counter offers.
Jitse Groen, chief executive of Takeaway, will head up the merged group which will be headquartered in Amsterdam and listed in London.
The Netherlands food group said 80.4% of Just Eat shareholders had accepted its latest bid, passing the required 50% threshold it needed for its offer to go unconditional.
Investors had been given until Friday to choose between offers from Takeaway.com and Prosus.
The newly formed company will create one of the world’s largest food delivery companies outside China and a major rival to Uber Eats. The joint group will process 360 million annual orders worth €7.3bn (£6.6bn).
The combined firm will have 23 subsidiaries, mostly in Europe but also in Canada, Australia and Latin America, according to the BBC.
Just Eat was founded by a group of five Danish entrepreneurs in 2000 and launched a year later. It employs 3,600 staff globally. As well as the Just Eat brand in Europe, it trades as Skip The Dishes in Canada, iFood in Mexico and Brazil, and Menulog in Australia and New Zealand.
“Just Eat Takeaway.com is a dream combination and I am very much looking forward to leading the company for many years to come,” Groen said.
Just Eat and Takeaway first announced plans to merge in July. At the time, the offer valued Just Eat at 731 pence a share.
In a statement on Friday, Prosus said its final all-cash offer had lapsed as it was forced to concede defeat. On Dec. 19, Prosus increased its bid to 800 pence a share, valuing Just Eat at £5.5 billion. Minutes later, Takeaway also increased its bid 916p a share.
“We consider Just Eat an attractive business though one which will require significant investment. We have been clear throughout that we would remain disciplined in how we allocate our capital and the price that we would offer,” Bob van Dijk, chief executive of Prosus said.
