Just Eat (JE/ LN): Who Else Can Enter the Bidding War?

European Event-Driven Analyst

Patryk Basiewicz

PGB Research

Event-Driven

<p style="text-align: justify;">On 24 January, the CMA has decided to investigate <a href="https://www.smartkarma.com/entities/takeaway-com-nv" target="_blank" data-smartkarma-citation="entities:28360:1" rel="noopener">Takeaway.com NV (TKWY NA)</a>’s purchase of <a href="https://www.smartkarma.com/entities/just-eat-plc" target="_blank" data-smartkarma-citation="entities:22014:1" rel="noopener">Just Eat PLC (JE/ LN)</a>  and is inviting comments on whether to launch a Phase I.  It has been a surprise to the investment community, with Cat Rock Capital, an activist fund that was heavily involved in the deal, describing the regulator’s review as ‘shocking’.</p>
<p style="text-align: justify;">Below I discuss another one (or two) cases where CMA was equally ‘shocking’ and what it may imply for the current action. Also, I discuss CMA’s decision in light of the current transformation of CMA’s thinking regarding online platforms.</p>

On 24 January, the CMA has decided to investigate Takeaway.com NV (TKWY NA)’s purchase of Just Eat PLC (JE/ LN)  and is inviting comments on whether to launch a Phase I.  It has been a surprise to the investment community, with Cat Rock Capital, an activist fund that was heavily involved in the deal, describing the regulator’s review as ‘shocking’.
Below I discuss another one (or two) cases where CMA was equally ‘shocking’ and what it may imply for the current action. Also, I discuss CMA’s decision in light of the current transformation of CMA’s thinking regarding online platforms.

Just Eat Plc (JE/ LN): CMA Is at It Again or Is It a New CMA?