Just Eat Takeaway.com said it is “confident” its multibillion-pound merger will be cleared by the competition watchdog as it issued new company shares.
The food delivery giant was formed after the merger of the UK’s Just Eat and Dutch competitor Takeaway which was confirmed last month and worth roughly £6 billion.
However, the Competition and Markets Authority (CMA) said last month that it would probe the deal.
The CMA said it would investigate the merger to scrutinise how the move would affect consumers, amid increasing consolidation in the delivery market.
Its announcement came after the CMA launched an in-depth probe into Amazon’s investment in Deliveroo as part of a £440 million cash injection.
Just Eat Takeaway has now said it is “working with the CMA to respond to any questions it may have” and believes clearance will be secured in “due course”.
Just Eat and Takeaway will continue to run as two independent businesses under separate management while the investigation takes place.
Immediately after the CMA investigation was launched, Just Eat shareholder Cat Rock Capital said the regulator’s move was “shocking” and argued that the deal would make the market more competitive.
On Monday, Just Eat Takeaway also said it has issued another 1.5 million shares in the company as a result of further acceptances by Just Eat shareholders.
The company said that the offer of 916p per Just Eat share has now been accepted by investors worth 98% of the company’s shares, totalling more than 670 million shares.