Firm advises on £448m Placing and Open Offer by JUST EAT plc

19 Jun 2015

International law firm Simmons & Simmons has advised J.P. Morgan Securities plc (“J.P. Morgan Cazenove”) and Goldman Sachs International as joint bookrunners and J.P. Morgan Limited as sponsor on a Placing and Open Offer to raise £448m by JUST EAT plc (“JUST EAT”).

JUST EAT, the world's leading online and mobile marketplace for takeaway food, announced on 21 May 2015 a Placing and Open Offer to raise approximately £450m through the issue of 105,397,759 new ordinary shares.

JUST EAT also announced earlier on 08 May 2015 that the net proceeds of the Placing and Open Offer will be used to fund the AUD$855m (£445m) acquisition of Menulog Group Limited (“Menulog”) which completed this week, on 15 June. Menulog is the market leader in the Australian and New Zealand online takeaway marketplace. It has a selection of more than 5,500 unique restaurants and 1.4m active consumers.

The Simmons & Simmons team was led by corporate partner Chris Horton and US securities laws partner Charles Hawes and included corporate associates Edward Nisbet and Matthias von Holten and US securities laws associate Jim McInerney. Partner Nick Cronkshaw and associate Hatice Ismail are providing specialist tax advice.

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  4. The Simmons & Simmons London ECM team has also recently advised: 
    • J.P. Morgan Cazenove and Peel Hunt on £275m Placing and Open Offer

    • J.P. Morgan Cazenove, BofA Merrill Lynch and Goldman Sachs on a £1bn Placing by BT in connection with its proposed Acquisition of EE (click here to read more)

    • J.P. Morgan Cazenove and Liberum Capital on the £55m rights issue by Connect Group plc to part finance its £128m acquisition of Tuffnells Parcels Express (click here to read more)

    • Rothschild, Deutsche Bank, Panmure Gordon and HSBC on the €252m rights issue by RPC Group plc to part finance its €386m acquisition of Promens Group (click here to read more)

    • Rothschild, Investec and Liberum Capital on the £75.1m firm placing and placing and open offer by Costain Group plc (click here to read more)

    • Jefferies International, J.P. Morgan Cazenove and Numis Securities on the £1.2bn IPO of AO.com (click here to read more)

    • J.P. Morgan Cazenove, Peel Hunt, Canaccord Genuity and Shore Capital on the £581m IPO of Circassia Pharmaceuticals plc (click here to read more)
  5. The Simmons & Simmons ECM team advises on a full range of domestic and US securities laws in relation to all types of equity and equity-related transactions. Members of our team have spent time in-house on secondment with ECM legal and ECM execution teams at leading investment banks. We also regularly advise and support a wide range of issuers, investment banks, exchanges and other market participants on ECM-related corporate governance, regulatory and compliance matters.

  6. For further information, please contact Heather McMaster, Senior Communications & PR Executive on +44 20 7825 3962 or at heather.mcmaster@simmons-simmons.com.