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Fri 20th Dec 2019 - Just Eat board rejects final Prosus offer in favour of Takeaway.com merger
Just Eat board rejects final Prosus offer in favour of Takeaway.com merger: The board of Just Eat has backed a final offer from Takeaway.com and rejected a rival cash bid from Prosus as the battle for the delivery food company nears its end. The battle for Just Eat heated up once again yesterday (Thursday, 19 December) after both Takeaway and Prosus increased their bids for the company. However, in a statement the Just Eat board rebuffed Prosus’ cash bid saying an all-share merger with Takeaway.com would create “one of the world’s leading food delivery companies” and “deliver greater value” to shareholders. The statement said: “The board of Just Eat continues to believe the combination with Takeaway.com is based on a compelling strategic rationale that allows shareholders to participate in the upside potential of the enlarged group.” Takeaway.com’s newly-raised offer would involve an all-share merger with Just Eat worth 916p per share, compared with a previous offer of 731p. The Dutch company also proposed increasing Just Eat shareholders’ stake in the newly-formed group from 52% to 57.5%. Takeaway.com increased its bid after South African firm Prosus revealed a final all-cash offer worth 800p per share. Prosus had previously made offers worth 710p and 740p per share. The Just Eat board has previously backed Takeaway.com’s bids for the company and reiterated that stance following the new offers. “The board of Just Eat unanimously believes Just Eat shareholders should accept the final Takeaway.com offer and reject the final Prosus offer,” it said. Takeaway.com has secured acceptances from more than 46% of Just Eat shareholders. The acceptance threshold for both offers is 50% and shareholders have until Friday, 10 January to vote on the proposals.


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