Friday, 29 Mar 2024

Takeaway.com to proceed with $5.59 billion offer for Just Eat

Mothercare UK nears collapse with 2,500 jobs at risk

Mothercare has confirmed its UK business is on the verge of collapse, placing 2,500 jobs at risk.

The company announced on Monday morning, hours after a story by Sky News, that it was filing in court a notice to appoint administrators to Mothercare UK and its support arm Mothercare Business Services.

More follows…

US envoy decries Chinese 'intimidation' in South China Sea

  • A U.S. envoy on Monday denounced Chinese "intimidation" in the South China Sea at a meeting of Southeast Asian leaders, and conveyed an invitation from President Donald Trump for the leaders to attend a special summit in the United States.
  • "Beijing has used intimidation to try to stop ASEAN nations from exploiting the off-shore resources, blocking access to 2.5 trillion dollars of oil and gas reserve alone," U.S. envoy Robert O'Brien told the ASEAN-U.S. summit in a speech.

A U.S. envoy on Monday denounced Chinese "intimidation" in the South China Sea at a meeting of Southeast Asian leaders, and conveyed an invitation from President Donald Trump for the leaders to attend a special summit in the United States.

China has made sweeping maritime claims in the resource-rich waters of the South China Sea, and angered neighbors by sending ships into the busy waterway, where several members of the Association of Southeast Asian Nations (ASEAN) also have claims.

"Beijing has used intimidation to try to stop ASEAN nations from exploiting the off-shore resources, blocking access to 2.5 trillion dollars of oil and gas reserve alone," U.S. envoy Robert O'Brien told the ASEAN-U.S. summit in a speech.

O'Brien, the White House national security adviser, read a message from Trump inviting the ASEAN leaders to "join me in the United States for a special summit" in the first quarter of 2020.

Takeaway.com To Implement Recommended Deal With Just Eat By Way Of Offer

Takeaway.com N.V. said it will implement the recommended all-share combination with Just Eat plc (JE.L) by way of a recommended offer. Takeaway.com said, by implementing the offer instead of a scheme of arrangement, the Group will provide Just Eat’s shareholders with increased deal certainty.

The Takeaway.com offer shall be conditional on, among other things, an acceptance condition of not less than 75 percent in nominal value of the Just Eat shares. Separately, the Board of Just Eat plc unanimously recommended that Just Eat shareholders accept the Takeaway.com offer.

Jitse Groen, CEO of Takeaway.com, said: “We believe that the Just Eat Takeaway.com combination offers its shareholders a future value far superior to both Just Eat and Takeaway.com separately, and to the recent cash offer made by Prosus in particular. With this switch, we provide additional deal certainty to the Just Eat shareholders.”

Sohu.com Inc. Q3 adjusted earnings Beat Estimates

Below are the earnings highlights for Sohu.com Inc. (SOHU):

-Earnings: -$22.92 million in Q3 vs. -$34.27 million in the same period last year.
-EPS: -$0.59 in Q3 vs. -$0.89 in the same period last year.
-Excluding items, Sohu.com Inc. reported adjusted earnings of -$16.82 million or -$0.47 per share for the period.
-Analysts projected -$0.89 per share
-Revenue: $482.28 million in Q3 vs. $444.01 million in the same period last year.

-Guidance:
Next quarter EPS guidance: (-$0.30) – (-$0.55)
Next quarter revenue guidance: US$435 – US$470 Mln

IAG to buy Air Europa for $1.11 billion in cash

International Consolidated Airlines Group SA said Monday that it was buying Air Europa from Globalia Corporacion Empresarial, S.A. for 1 billion euros ($1.11 billion) in cash.

The airline group IAG, +1.62% , which houses British Airways and Iberia among others, said that it expects to complete the transaction in the second half of 2020, after receiving the relevant approvals.

“Acquiring Air Europa would add a new competitive, cost effective airline to IAG, consolidating Madrid as a leading European hub and resulting in IAG achieving South Atlantic leadership, therefore generating additional financial value for our shareholders,” Chief Executive Willie Walsh said.

Takeaway.com to proceed with $5.59 billion offer for Just Eat

Takeaway.com N.V. said Monday that it plans to proceed with a 5 billion pound ($5.59 billion) all-share offer for Just Eat PLC.

Amsterdam-listed Takeaway.com TKWY, -1.09% agreed to merge with its London-listed peer in August via a scheme of arrangement. At that time the deal valued Just Eat JE, +0.46% at 731 pence a share. However, since then Takeaway’s share price has fallen.

Subsequently, Prosus NV PRX, +0.81% said on Oct. 22 that it had offered to buy Just Eat for 710 pence in cash, but this offer was rejected by Just Eat.

Takeaway.com said Monday that its offer for Just Eat would increase deal certainty. It said the combination offers a future value far superior to both Just Eat and Takeaway.com separately, and to the recent cash offer made by Prosus in particular.

“By implementing the Takeaway.com offer instead of a scheme of arrangement, Takeaway.com will provide Just Eat’s shareholders with increased deal certainty,” it said.

Takeaway has set an acceptance condition to the offer of not less than 75% of the Just Eat shares.

Just Eat acknowledged Takeaway.com’s formal offer and said its board “unanimously recommends” that shareholders accept it.

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