Reject Prosus' offer, Just Eat shareholders urged
Prosus maintained its offer has “compelling and certain value” for Just Eat.
Just Eat told shareholders once again to reject Prosus’ offer and take instead the all-shares combination with Takeaway.com.
In a recent circular, the delivery platform said that Prosus’ 710 pence per share offer “significantly undervalues” the company, estimated to be worth £476bn in 2019.
“The Prosus Offer of 710 pence per share is 20% lower than Just Eat’s all-time high share price of 890 pence and 13% lower than the highest share price over the last six months of 812 pence. Furthermore, the premium that Prosus is offering to Just Eat’s share price before the announcement of the Takeaway.com Combination is just 12%,” the company said in a statement.
The unanimous decision of the company’s board came upon advisement from Goldman Sachs, Oakley Advisory and UBS.
In a response, Prosus maintained its offer provides “compelling and certain value” for Just Eat.
"We continue to believe that the Takeaway.com offer represents significant risk to Just Eat shareholders based on Takeaway.com's very high multiple and the level of investment required to address what customers now expect,” Prosus CEO Bob van Dijk said in a statement.
Prosus has previously told Just Eat’s shareholders to take on their offer on or before 11 December.
