3rd Sep 2019 06:50
(Alliance News) - A top-ten shareholder in Just Eat PLC will vote against the company's planned GBP9 billion all-share merger with Amsterdam-listed Takeaway.com NV, the Financial Times reported on Tuesday.
Eminence Capital LP, a New York-based hedge fund which holds a more than 4.0% stake in the London-listed company, said Takeaway's offer undervalues Just Eat, according to the newspaper.
The deal valued Just Eat shares at 731.00 pence each. This is equivalent to a 15% premium to the 635.60p per share closing price on July 26, the last trading day before the potential all-share deal was announced.
Since then however, Just Eat's stock has been trading above those levels. On Monday, shares in the company closed at 775.80p each in London.
According to the FT, Eminence's Chief Executive Ricky Sandler said: "We believe that a valuation disparity of this degree is unprecedented in similar transactions over the past decade."
https://www.ft.com/content/df136cd2-cda1-11e9-99a4-b5ded7a7fe3f
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