We often moan that fast-growing, technology-driven companies in Britain either sell out or take their foot off the throttle when they reach a certain size. They don’t seem to have the ambition of an Uber or an Amazon, say. No one could throw that accusation at Just Eat, the online takeaway business that this month announced plans to spend the thick end of half a billion pounds on Menulog, an Australian business, and yesterday unveiled details of the capital-raising to finance it.
It is raising £445 million by way of a placing and open offer fully underwritten by JP Morgan and Goldman Sachs. After a bookbuild yesterday, the offer price was set at 425p, a 2.3 per cent discount to the closing price of