Just Eat Takeaway takes action against Delivery Hero over stake

[LONDON] Online food delivery company Just Eat Takeaway said on Monday it had started arbitration proceedings against a move by rival Delivery Hero to increase its stake in the company because it said it broke a standstill undertaking.

German-based Delivery Hero said last month it had entered into an agreement to acquire 8.4 million shares in Just Eat Takeaway for 798 million euros (S$1.23 billion), financed by a multi-year equity collar transaction, which included about 400,000 shares it acquired when it sold its German food delivery businesses to Takeway.com last year.

REUTERS