Just Eat gobbled up by European rival in £5bn deal

Just Eat has agreed terms to be taken over by Dutch food delivery rival Takeaway.com, creating the biggest such company outside China. The deal values Just Eat at £5bn, or 731p a share. If waved through by shareholders it will mark a bumper payday for a Connecticut-based activist that has almost bet the house on the two companies. Cat Rock is set to book a paper profit of tens of millions of pounds from the acquisition. The activist is a top-10 investor in both companies. Its stakes in Just Eat and Takeaway.com are Cat Rock's largest two investments.

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