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Just Eat receives increased 'hostile' offer in takeover battle with Takeaway

2019-12-09T10:49:05.717Z

Investment fund Prosus has Monday raised the offer for Just Eat from 4.9 to 5.1 billion pounds (more than 6 billion euros) in cash. The fund competes with Takeaway.com, which would like to merge with the British meal delivery company.



Investment fund Prosus has Monday raised the offer for Just Eat from 4.9 to 5.1 billion pounds (more than 6 billion euros) in cash. The fund competes with Takeaway.com, which would like to merge with the British meal delivery company.

Already in August, Takeaway and Just Eat reached an agreement on a merger, but in October Prosus unexpectedly made a counter offer. In November the board voted against unanimously.

Prosus CEO Bob van Dijk says that talks have been held with Just Eat shareholders to find out what their vision is and to make clear what the fund can do to help with the challenges that the meal delivery person is facing.

In addition, Prosus' current offer is more than 25 percent above the value that the Just Eat share reached on the stock exchange on 21 October. The bid is also 24.6 percent higher than Takeaway's, the fund writes.

Takeaway does not offer cash, but offers treasury shares in exchange for Just Eat shares. When Just Eat and Takeaway go together, one of the largest meal delivery companies in the world is created.

"Unfortunately, Prosus is trying to derail the merger and instead buy your company with a hostile and low cash offer," Takeaway writes in a response. If the fund succeeds, it would "keep value" for the company. The parent company of Thuisbezorgd calls on Just Eat shareholders once again to reject the offer and to opt for the merger.

Just Eat has until December 27 to respond to the new offer from Prosus.

Source: nunl

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