• 12 October, 2017 News

    Just Eat shares up as Hungryhouse deal moves closer
    Shares in Just Eat has jumped 5% after the online takeaway firm’s takeover bid Just Eat shares up as Hungryhouse deal moves closer

    Shares in Just Eat has jumped 5% after the online takeaway firm’s takeover bid for rival Hungryhouse was given provisional clearance. This positioned Just Eat at an all-time high.

    Just Eat’s market value has more than tripled since its stock market debut in April 2014, trading at 749p a share shortly before publication time, up from 260p at the time of its IPO.

    Furthermore, the Competition and Markets Authority stated that the tie-up was “unlikely to result in competition concerns”. This is due to Hungryhouse already being too small to compete effectively with Just Eat.

    It’s stated that the industry was “evolving rapidly”, with companies like Ubereats, Deliveroo and Amazon all now entering the market.

    Overall, Just Eat was the highest riser in the mid-cap FTSE 250 index.

    The FTSE 250 was higher by 32.07 points at 20,199.85 whilst the benchmark FTSE 100 index rose 2.38 points to 7,536.19.

    Meanwhile, shares in the clothing retailer, N Brown dropped approximately 2.9% after it unveiled its latest results. Revenues for the half-year to 2 September heightened by 5.6% to £453.4m with underlying profits higher by 1.8% to £32.2m.

    Analyst Darren Shirley at house broker Shore Capital forecast £81.2m PBT for the full year and said he expects the consensus to edge up from £77.7m.

    Though on the currency markets, the pound heightened 0.1% against the dollar to $1.3241 and was also 0.1% higher against the euro at €1.1164.

    Contact one of our brokers today at, www.forex.ltd.uk.


    Abi Moses

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