Top story
Just Eat Takeaway has agreed to a €4.1bn offer from Dutch investment group Prosus.
A cash offer of €20.30 a share has been unanimously recommended by Just Eat’s board.
If the deal goes ahead, it will end a difficult few years for Just Eat.
“We are very excited for Just Eat Takeaway.com to join the Prosus group and the opportunity to create a European tech champion,” added Prosus CEO Fabricio Bloisi.
The full story is available here.
Morning update
B&M Bargains boss Alex Russo has advised the board of his intention to retire as CEO at the end of April.
It comes as the company also issues another profits warning amid tricky trading conditions.
The board is in the advanced stages of a recruitment process to appoint a new chief executive, with support from headhunters, according to a statement.
The group said it would provide an update in “due course”.
B&M also updated its profit guidance and now expects adjusted EBITDA to be in the range of £605m to £625m.
Russo said: “I have thoroughly enjoyed my time at B&M since joining in 2020. The business has been successfully steered through the pandemic years and is now larger and stronger with group revenues increasing by almost 50% and cash distributions to shareholders in excess of £2bn during my tenure. It has been professionally rewarding to assemble and work with a high-quality leadership team, and to retire leaving growing businesses with great potential in both the UK and France.
“I wish the board and the leadership team every success in the years ahead.”
Full story is available here.
This week in the City
The markets look busier this week following the end of the half-term holidays.
The big news for the food & drink industry will come on Thursday with the Ocado full-year results.
Elsewhere, household cleaning product supplier McBride files interims tomorrow, while Keurig Dr Pepper is set to report quarterly results in the US.
The BRC will publish the latest shop price index outlining retail inflation on Wednesday, while brewing giant AB InBev also reports results.
Haleon will also join Ocado on Thursday with preliminary results, while in the US, Hormel Foods and JM Smucker also file quarterly numbers.
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