March 2, 2020 / 7:47 AM / a month ago

Just Eat Takeaway takes action against Delivery Hero over stake

LONDON (Reuters) - Online food delivery company Just Eat Takeaway (TKWY.AS) said on Monday it had started arbitration proceedings against a move by rival Delivery Hero (DHER.DE) 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 ($881 million), 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.

Reporting by Paul Sandle; editing by Kate Holton

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