Prosus to Acquire Just Eat Takeaway.com for €4.1bn
Prosus announced it has reached a conditional agreement to acquire Just Eat Takeaway.com, to create the fourth largest food delivery group globally. Prosus intends to acquire Just Eat Takeaway.com’s entire issued share capital for €20.30 per share via a recommended all-cash public offer on the Amsterdam exchange.
Acquisition ● Consumer Services ● Europe
Middleby Announces Intent to Separate Food Processing Business into a Standalone Public Company
The Middleby Corporation announced that as an update on its previously announced strategic review its Board of Directors has unanimously approved a plan to separate its food processing business into a standalone public company. This separation creates two independent companies: The Middleby Corporation (Middleby RemainCo) and Middleby Food Processing.
Spin-off ● Industrials ● North America
Joann Is Going out of Business and Closing All of Its 800 Stores
Joann is going out of business and closing all of its roughly 800 stores in 49 states across the U.S. The more than 80-year-old chain had been struggling financially for several years following a DIY-driven uptick in sales during the early days of the pandemic.
Shut Down ● Retailers & Wholesalers ● North America
Party City to Shut Down
Party City is set to go out of business as it winds down over two months of going-out-of-business sales. In December, the chain of stores announced it had filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. The company cited “an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors.”
Shut Down ● Consumer Services ● North America