(Sharecast News) - Food delivery business Just Eat has rejected a final enhanced takeover offer from South Africa's Prosus and urged shareholders to approve the £6.3bn bid from Takeaway.com of the Netherlands.
Just Eat on Friday said it "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".
It added that based on its own analysis, the final Takeaway.com offer "will deliver greater value to Just Eat shareholders than the final Prosus offer".
Prosus - which was spun off from South African conglomerate Naspers - on Wednesday upped its bid to 800p a share in cash from 740p, or from £5.1bn to £5.5bn.
Not long after, Takeaway.com increased its offer to 916p a share from 705p. The revised Takeaway.com offer would also mean that Just Eat shareholders would own 57.5% of the combined entity, up from 52.1% previously.
Takeaway.com said it had received valid acceptances and further commitments to accept its final offer for 46.07% of existing and to be issued stock. It also said it had reduced the level of acceptances needed to seal the deal to 50% plus one Just Eat share.
17 Apr 2024 11:16
Just Eat shares drop as Q1 orders disappoint
(Sharecast News) - Shares in Just Eat dropped sharply on Wednesday after the food delivery marketplace delivered underwhelming order numbers for the first quarter, though revenue growth picked up sharply in the UK and Ireland.
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