In a released a statement the companies say they have “reached an agreement in principle on the key terms” of a merger between with the deal representing a “highly compelling” opportunity to create a combined business that would become “one of the world’s largest online food delivery platforms”.
The combined businesses had 40 million customers and 360 million orders worth €7.3bn (£6.6bn) in 2018.
The proposed terms of the deal would give Just Eat shares a value of 731p, a premium of 15%.
The new combined group would have strong leadership positions in many of the world’s largest food delivery markets, including the UK, Germany, the Netherlands and Canada. It would also have the ability to deploy capital and resources to strengthen its competitive positions as the company determines appropriate, it says.
The newly-formed business would be chaired by Just Eat chairman Mike Evans with Adriaan Nühn, currently chairman of the Takeaway.com, becoming vice-chairman. Takeaway.com’s Jitse Groen would become its chief executive.
In March this year Just Eat reported a sales uplift of 44% in its full year results for 2018. The company’s half yearly financial results are due on Wednesday, 31 July.