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  "documentTitle": "Just Eat Takeaway.com | Mergers and Acquisitions Presentation Deck | 25 slides",
  "authorId": "just-eat-takeaway-com",
  "authorName": "Just Eat Takeaway.com",
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  "presentationDate": "2019-08-01 00:00:00",
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  "pageNumber": 22,
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  "notes": "This slide serves as a regulatory disclosure under the City Code regarding financial benefits.",
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      "text": "The statements labelled by way of a footnote as including a quantified financial benefits statement in slide 18 of these presentation slides, arising in connection with Takeaway.com's strategy for integrating Just Eat's business, includes a \"quantified financial benefits statement\" for the purposes of Rule 28 of the City Code, which has been reported on previously (as set out in the final section of this Appendix) in accordance with the requirements of the City Code in the following form (the \"Quantified Financial Benefits Statement\"): \"Following preliminary analysis undertaken by the Takeaway.com Management Board and the Just Eat Board, meaningful cost benefits have been identified which reinforce the strategic rationale for the Combination and the value creation opportunity for shareholders of the Combined Group. The key driver of the identified synergies is the efficiency opportunities that the Combined Group will be able to realise given the complementary nature of the businesses. The Takeaway.com Management Board and the Just Eat Board, having reviewed and analysed the potential cost benefits of the Combination, and taking into account the factors they can influence, believe that the Combination will result in recurring annual pre-tax cost benefits of approximately €20 million (£18 million) by the fourth anniversary of the completion of the Combination, with around €10 million (£9 million) expected by the first anniversary of the completion of the Combination. The Takeaway.com Management Board and the Just Eat Board expect these anticipated quantified cost benefits will accrue as a direct result of the Combination and would not be achieved on a standalone basis. The quantified cost benefits, which are expected to originate from the cost bases of both Takeaway.com and Just Eat, are expected to be realised from: Operational and technology efficiency: approximately €12 million (£11 million) (60% of the quantified cost benefits) are expected to be generated through transitioning certain geographies to a more centralised operating model including the transitioning of restaurants and customers to the Takeaway.com platform; In-market unification: approximately €5 million (£5 million) (25% of the quantified cost benefits) is expected to be generated from merging to a single brand in overlapping countries; and Procurement benefits: approximately €3 million (£3 million) (15% of the quantified cost benefits) are expected to be generated from leveraging the Combined Group's scale across payment systems, administrative systems and procurement rates. It is expected that the realisation of these quantified cost benefits would give rise to one-off pre-tax costs of approximately €15 million (£14 million) incurred over the first four years following completion of the Combination. Aside from these one-off costs, the Takeaway.com Management Board and Just Eat Board do not expect any material dis-synergies to arise from the creation of the Combined Group. Further information on the bases of belief supporting the Quantified Financial Benefits Statement, including the principal assumptions and sources of information, is set out below.",
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