12th Dec 2019 11:19
(Alliance News) - Dutch firm Takeaway.com NV on Thursday said 14% of Just Eat PLC shareholders have backed its takeover of the London-listed food delivery firm.
The company extended the deadline for other Just Eat shareholders to accept its offer.
Just Eat shareholders now have until December 27 to back Takeaway.com's bid. Takeaway.com and Just Eat agreed to a combination in July, under which Just Eat shareholders would get 0.09744 of a Takeaway.com share for each Just Eat share held, implying a value for Just Eat at 731 pence per share.
Hot on Takeaway.com's heels however is Naspers Ltd offshoot Prosus NV, with the internet firm earlier this week improving its own offer to acquire Just Eat.
Just Eat however, rejected Prosus's boosted 740p a share offer because it still "significantly undervalues" the company, preferring a merger with Takeaway.com instead.
According to Takeaway.com, the boosted 740p Prosus offer, which the latter initially claimed is a 26% premium to Just Eat's share price on October 21, was a "misleading claim". October 21 was the day before Prosus initially made an approach for Just Eat.
The Dutch firm said this is because October 21 was three months after Takeaway.com's offer period for Just Eat started.
Prosus went a step further on Wednesday and said its offer represents an "illustrative premium" of 44% to Just Eat's share price on October 21, when ignoring the effects on the stock price from July's Takeaway.com offer. Prosus said Just Eat's illustrative unaffected share price for October 21 is 512.00p.
Takeaway.com, which also took aim at Prosus for having little experience in the food delivery industry, fired back by arguing the revised offer by the internet firm is only a 16% premium to Just Eat's share price on July 26, the last day of trading before Takeaway.com's offer period began.
Just Eat shares were marginally lower 783.60p each in London on Thursday morning. On Thursday afternoon in Johannesburg, Prosus was 1.2% higher at ZAR979.01.
By Eric Cunha; [email protected]
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