20th Dec 2019 11:18
(Alliance News) - Just Eat PLC urged shareholders on Friday to back its merger with Takeaway.com NV, following new bids from both the Dutch firm and South Africa's Prosus NV.
Takeaway.com is now offering an all-share merger with FTSE 100 takeaway platform Just Eat worth 916 pence per Just Eat share, compared to a previous 731p offer.
Shares in Just Eat were 1.6% lower on Friday morning in London at a price of 799.40p each. Takeaway.com was 2.2% lower at EUR78.45 in Amsterdam, having dropped sharply on Thursday after making the new offer.
Shares in Prosus were 0.5% higher in Johannesburg on Friday morning at a price of ZAR1,038.14 each. Theyu were 0.4% up in Amsterdam at EUR65.74.
The new Takeaway.com bid was made almost immediately after Prosus, which was recently spun off from media giant Naspers Ltd, increased its own offer, in cash, to 800p per Just Eat share. Prosus had previously made 740p and 710p per share bids, both of which were rejected by Just Eat.
"The board of Just Eat continues to believe that 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 and, based on the board of Just Eat's own analysis, that the final Takeaway.com offer will deliver greater value to Just Eat shareholders than the final Prosus offer," said Just Eat on Friday.
"Accordingly, the board of Just Eat unanimously believes Just Eat shareholders should accept the final Takeaway.com offer and reject the final Prosus offer."
Takeaway.com currently has acceptances from 46% of Just Eat's shareholders, with an acceptance level of 50% set, which was reduced on Friday.
By George Collard; [email protected]
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