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Prosus oversees Takeaway in battle for British meal delivery company Just Eat

2019-10-22T09:51:57.080Z

Investment fund Prosus has made an offer for the British meal delivery company Just Eat. Prosus wants to pay around 4.9 billion pounds (5.7 billion euros) for the British company. The bid of the investment fund is therefore about 20 percent higher than the bid of the Dutch Takeaway.com for Just Eat.



Investment fund Prosus has made an offer for the British meal delivery company Just Eat. Prosus wants to pay around 4.9 billion pounds (5.7 billion euros) for the British company. The bid of the investment fund is therefore about 20 percent higher than the bid of the Dutch Takeaway.com for Just Eat.

Prosus' offer can throw a spanner in the works of Takeaway, known for home delivery. Takeaway reached an agreement with the British meal delivery company in July about a merger. The proposal only has to go through the shareholders of the two companies, but because of the higher offer, Just Eat shareholders can of course opt for the higher offer from Prosus.

Just Eat does not recommend this. "We believe that the Just Eat offer, its assets and future prospects are significantly undervalued. That is why the board also recommends that shareholders ignore the Prosus offer," Just Eat said in a response.

Proxus tries to satisfy the shareholders with a £ 7.10 per share in cash. "We believe that a cash offer offers shareholders a certain certainty and value," writes Proxus, a subsidiary of the South African Naspers. With this, the investment fund refers to Takeaway's offer, which largely wanted to pay for the acquisition in shares and referred to as a merger.

Proxus' offer is lower than the share price

Proxus' offer is lower than the current stock price. Nevertheless, the share of Just Eat shoots up by almost 24 percent on the London stock exchange after reporting. Investors are speculating on a possible bidding war. Also, many investors were not satisfied with the initial offer from Takeaway.

The share price of Takeaway is also rising, the share is more than 4 percent higher at 11.20 am.

Source: nunl

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