Berlin, Germany, April 4, 2019 - Today, Delivery Hero SE ("Delivery Hero") has decided to enter into a multi-year equity collar agreement in relation to 3.2 million of its shares in Takeaway.com N.V. ("Takeaway.com") which it received in connection with the sale of its German food delivery to Takeaway.com on April 1, 2019.
The objective of the collar transaction is to provide protection on approximately one third of the shares Delivery Hero will receive in Takeaway.com. The equity collar will also allow Delivery Hero to participate in part of any further share price appreciation of this portion of the Takeaway.com shareholding. Delivery Hero has elected for cash settlement of the collar over time by default.
To facilitate the transaction, Morgan Stanley will sell up to 3 million of such shares in Takeaway.com through an accelerated bookbuild offering which will start immediately. The cash raised from the equity collar will be released to Delivery Hero to allow for increased strategic flexibility for opportunistic M&A transactions.
Delivery Hero has committed to a 90-day lock-up with respect to additional Takeaway.com shares following the pricing of the offering.
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