Just Eat Takeaway.com (LON:JET), one of the world’s largest online food delivery marketplaces, has today announced it has initiated arbitration proceedings with the International Chamber of Commerce against Delivery Hero S.E. to enforce its contractual standstill undertaking.
Takeaway.com believes that Delivery Hero S.E. (“Delivery Hero”) has failed to comply with its standstill undertaking under the Relationship Agreement by entering into the forward share purchase and equity collar transaction it announced on 12 February 2020. The Relationship Agreement was entered into in connection with the acquisition of the Germany Delivery Hero businesses in April 2019. Delivery Hero’s failure to comply with its standstill undertaking constitutes a breach of the Relationship Agreement.
Takeaway.com regrets that it now needs to initiate arbitration proceedings with the International Chamber of Commerce to enforce Delivery Hero’s standstill undertaking. It will inform the market about the outcome in due course.
