Prosus makes £4.9bn hostile bid for Just Eat
The platform quickly rejected the deal in favour of the Takeaway merger.
Prosus announced that it would be willing to pay £4.9bn in cash for Just Eat, amidst the latter’s plans to merge with Takeaway.com, another competitor in the delivery market.
Subsequently, Just Eat asked its shareholders to reject the Prosus offer.
“The Board believes that Just Eat is a leading strategic asset in the food delivery sector and the Prosus Offer fails to appropriately reflect the quality of Just Eat and its attractive assets and prospects, the benefits of first mover advantage in a consolidating sector, and the significant future upside available to Just Eat shareholders through remaining invested in Just Eat and the Takeaway.com Combination,” the company said in a statement.
“The Board of Just Eat believes that the Takeaway.com Combination is based on a compelling strategic rationale that will deliver a number of strategic benefits and greater value creation to Just Eat shareholders than the terms of the Prosus Offer. Accordingly, the Board of Just Eat continues to unanimously recommend the Takeaway.com Combination to Just Eat shareholders.”
Prosus’ offer, which works out to 710 pence per Just Eat Share, is 20% higher than Takeaway.com’s offer of 594 pence.
