Dutch takeaway company and offshoot of South African group up offers for food delivery firm
The battle for control of Just Eat has intensified after fresh rival bids for the UK food delivery business.
Takeaway.com of the Netherlands upped its all-share merger offer to a deal worth pa share. The offer, which would create one of the largest food delivery groups in the world, values Just Eat at nearly £ 6.3bn, up from a (previous bid
Prosus, the Amsterdam-listed offshoot of the South African technology group Naspers, had earlier raised its all-cash bid by £ (m to £ 5.5bn, or) ************************************************************ pa share. The companypreviously made (p- and) **************************************************************** p-per -share bids.
Takeaway.com’s offer would hand Just Eat shareholders a 58% stake in the merged company, up from 58% as previously offered. It is also offering to sell Just Eat’s stake in the Brazilian delivery company iFood, which Just Eat owns in partnership with Prosus, and return half of the proceeds to shareholders.
The company said shareholders representing (******************************************************************************************************. 5% of Just Eat’s stock had accepted its offer by Takeaway.com added that investors representing a further 27. 5% had committed to accept its new deal, taking the total to 41%. At least half of Just Eat’s shareholders must accept the offer for the merger to go ahead.
Investors have until 14 January to decide whether to accept either the new Takeaway.com bid or the new Prosus bid. Both said they would not be increased further.
Jitse Groen, the chief executive of Takeaway.com, said: “This offer is a full offer, and on top of that we believe it provides Just Eat shareholders with tremendous upside.
“The all-share combination establishes the largest global platform in online food delivery outside China and allows shareholders of both Just Eat and Takeaway.com to benefit from significant long-term value creation.”
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