11th Nov 2019 07:55
(Alliance News) - Prosus NV said Monday it has posted its offer document for Just Eat PLC to the FTSE 100-listed online takeaway firm's shareholders, giving its first closing date for the offer on December 11.
In addition, the Dutch arm of South African media and technology investor Naspers reduced the level of acceptances needed to satisfy the acceptance condition to 75% of Just Eat shares, from 90% previously.
In late October, Amsterdam-listed Prosus made a GBP4.9 billion offer for Just Eat at 710 pence per share, offering shareholders an alternative to the UK online food delivery platform's all-share merger with Takeaway.com NV, also Dutch listed, which was made in August.
Prosus said its 710p bid was a 20% premium to Takeaway.com's own offer of 594p per share and a 20% premium to Just Eat's closing price in London the day before it made the offer.
However, Just Eat in October rejected Prosus's offer, reaffirming its backing for its planned merger with Takeaway.com.
Late Sunday, the Telegraph reported that Prosus had threatened Just Eat shareholders that it would withdraw its takeover bid if they back a merger with Takeaway.com. According to the newspaper, Prosus is not interested in buying both companies.
"Since the start of the offer period the High-Growth Internet Sector has fallen 23.7%. The Takeaway.com share price has fallen 12.4% during this period. Against this backdrop, continued market volatility and macro-economic uncertainty, the offer provides Just Eat Shareholders with compelling and certain cash value at a premium to the Takeaway.com offer," Prosus said Monday.
Shares in Prosus were down 0.9% at ZAR1,015.59 on Monday morning in Johannesburg.
By Dayo Laniyan; [email protected]
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