Just Eat Takeaway confirms merger talks with Grubhub

Just Eat Takeaway confirmed on Wednesday that it is in advanced talks with US-based Grubhub about a possible all-share merger.

A further announcement will be made when appropriate, Just Eat said.

The statement followed several press reports, the most recent being one from the Wall Street Journal, which suggested the two companies were nearing a deal to combine as Grubhub prepares to turn its back on weeks of negotiations with Uber Technologies Inc.

The WSJ said a deal that could be finalised as early as Wednesday.

Just Eat shares tumbled on the news and by 1540 BST were trading down 13% at 7,672.00p.