Takeaway.com looks to add “increased” certainty to Just Eat deal
The company says the offer is “far superior” to the recent cash offer made by Prosus.
Takeaway.com announced that it has changed the structure of its bid to buy food delivery platform Just Eat by allowing it to reduce the shareholder acceptance threshold, as it battles a rival cash offer from Prosus.
The Dutch takeaway service has switched the bid to a conditional offer, which requires 75% of Just Eat shareholders to approve the deal. If the takeover panel agrees, Takeaway.com will be able to lower the threshold to anything above 50%.
Both Takeaway.com and Just Eat previously agreed the terms of a recommended all-share combination through a court sanctioned scheme of arrangement, which needed 75% of both sets of shareholders to agree to the deal.
“We believe that the Just Eat Takeaway.com combination offers its shareholders a future value far superior to both Just Eat and Takeaway.com separately, and to the recent cash offer made by Prosus in particular. With this switch, we provide additional deal certainty to the Just Eat shareholders,” Takeaway.com chief executive Jitse Groen said in a statement.
Just Eat earlier rejected Prosus’ £4.9bn cash offer in favour of the deal reached in August with Takeaway.com.
