The management of the British meal delivery company Just Eat thinks the offer of tech company Prosus for Just Eat is too low. The board unanimously opts for the offer of Takeaway.com, the parent company of Thuisbezorgd.
Just Eat CEO Mike Evans notes in a press release that Prosus offers relatively less for Just Eat than parent company Naspers paid in 2017 for Delivery Hero.
Prosus offers 7.10 British pounds for Just Eat. Just Eat emphasizes that this is 20 percent less than the highest price the share of Just Eat has reached (£ 8.90).
Converted to 4.8 times the turnover of 2019. According to Just Eat, that valuation is much lower than what is paid on average for a meal delivery company.
Prosus and Takeaway are engaged in a takeover battle. When Just Eat and Takeaway go together, one of the largest meal delivery companies in the world is created. Unlike Prosus, Takeaway offers treasury shares for the shares of Just Eat.
Takeaway CEO Jitse Groen states in his own press release that he is very committed to the acquisition of Just Eat.
See also: Only the largest counts in the market for meal delivery