Simply Eat Takeaway mentioned it was delisting its shares from the London Inventory Change as a result of “low liquidity and buying and selling volumes” of its shares on the alternate.
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European meals supply large Simply Eat Takeaway.com is poised to be acquired by Dutch expertise investor Prosus in an all-cash deal value roughly 4.1 billion euros ($4.3 billion).
The provide values Simply Eat’s shares at 20.3 euros every, representing a premium of 63% when in comparison with the agency’s closing worth on Friday.
Prosus, which is majority owned by South Africa’s Naspers, already holds a 28% stake in main meals supply firm Supply Hero.
Shares of Simply Eat soared as a lot as 54.7% on Monday morning, notching a brand new 52-week excessive. The inventory worth closed up by 54.1% on the information.
Prosus shares fell 8.7%, tumbling towards the underside of the pan-European Stoxx 600 index. Supply Hero was little modified by the market shut after earlier rising as a lot as 3.2%.
“We’re very excited for Simply Eat Takeaway.com to affix the Prosus group and the chance to create a European tech champion,” Fabricio Bloisi, CEO of Prosus and Naspers group, mentioned in an announcement.
“We consider that combining Prosus’ robust technical and funding capabilities with Simply Eat Takeaway.com’s main model place in key European markets will create important worth for our clients, drivers, companions, and shareholders,” Bloisi mentioned.
Simply Eat
The provide comes after a rocky few years for Simply Eat. Like many different meals supply firms, the corporate’s inventory worth collapsed within the wake of the coronavirus pandemic, which had initially boosted the companies as shoppers turned to those platforms throughout lockdowns.
A stark shift in client habits since, nevertheless, led to a pointy deceleration in development charges.
The Dutch multinational delisted from the London Inventory Change late final yr, citing an effort to “cut back the executive burden, complexity and prices related to the disclosure and regulatory necessities of sustaining the LSE itemizing.” The transfer made Amsterdam the agency’s sole buying and selling venue.
In November, Simply Eat Takeaway.com mentioned it will promote its GrubHub arm to New York-based on-line takeout startup Surprise for $650 million — an enormous low cost in comparison with the $7.3 billion the agency paid for the U.S. meals supply app.
“Prosus totally helps our strategic plans and its in depth sources will assist to additional speed up our investments and development throughout meals, groceries, fintech and different adjacencies. We’re trying ahead to an thrilling future collectively,” Jitse Groen, CEO and founding father of Simply Eat Takeaway.com, mentioned in an announcement on Monday.
— CNBC’s Ryan Browne contributed to this report.
