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Thu 19th Dec 2019 - Takeaway.com and Prosus table new and final Just Eat offers
Takeaway.com and Prosus table new and final Just Eat offers: The two companies bidding to buy Just Eat have tabled new and final offers. Dutch delivery firm Takeaway.com increased its bid on Thursday (19 December) minutes after Prosus improved its offer. Takeaway.com, which has already agreed a merger deal with Just Eat, made an offer it said valued the company at 916p per share based on its closing price on Wednesday (18 December), an increase from its previous offer of 731p per share. Takeaway.com said the offer would be its “final” bid. Prosus, which has vied with Takeaway.com in the takeover battle for months, had earlier increased its own offer to 800p per share. Takeaway.com said Just Eat shareholders would own 57.5% of the combined group as part of the bid, up from 52.12% under its previous offer. The company said the offer would remain open for acceptances until 10 January, with a majority vote required. Takeaway.com also said it would sell Just Eat’s stake in iFood following completion of a merger, returning 50% of the proceeds to shareholders in the new business. Jitse Groen, Takeaway chief executive, said: “This offer is a full offer, and on top of that we believe it provides Just Eat shareholders with tremendous upside. The all-share combination establishes the largest global platform in online food delivery outside China and allows shareholders of both Just Eat and Takeaway.com to benefit from significant long-term value creation.” Prosus, which spun off from South Africa’s Naspers earlier this year, said its 800p per share offer would provide “outstanding value” for Just Eat’s owners. It is the third time Prosus has increased its offer since trying to muscle in on the deal between Just Eat and Takeaway.com. “Following extensive discussions with Just Eat’s and Prosus’s shareholders, we have decided to make a final increase in our cash offer to 800p per share,” said Prosus chief executive Bob van Dijk. “This level delivers outstanding and certain value to Just Eat shareholders while also providing an appropriate return for our own shareholders, given strong levels of competition and significant investment required to reinvigorate growth. We urge Just Eat shareholders to accept this final offer and bring the uncertainty around Just Eat’s future to a close.” Just Eat stated: “The board is reviewing the final Prosus offer and the final Takeaway.com offer. Shareholders are advised to take no action with regards to the final offers at this time.”


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