(Alliance News) - Prosus NV on Tuesday said Spanish competition regulators have cleared its potential acquisition of London-listed Just Eat PLC, despite the latter earlier rebuffing its increased takeover bid.
Earlier, Just Eat rejected Prosus's improved 740 pence a share offer because it still "significantly undervalues" the company, preferring Dutch firm Takeaway.com NV's offer instead.
Prosus Chief Executive Bob van Dijk said: "We are pleased to have cleared the competition hurdle which further underlines the certainty and deliverability of our superior cash offer of 740p per share to Just Eat shareholders."
The increased Prosus offer would need the support of 50%, plus one share, of Just Eat shareholders.
Prosus said: "In contrast, the Takeaway.com offer remains subject to a 75% acceptance condition and the approval of Takeaway.com's own shareholders, and there can be no certainty that the higher acceptance condition and/or shareholder approval will be obtained. The increased offer is therefore clearly superior to the Takeaway.com offer both in terms of value offered and deal certainty."
The war of words between the two Just Eat suitors intensified on Monday after Takeaway.com called Prosus's latest Just Eat bid as "derisory".
Jitse Groen, CEO of Takeaway.com, said: "A slightly higher derisory cash bid remains a derisory cash bid."
Prosus continued the spat but describing Takeaway.com's July offer as "destructive".
Under the Takeaway.com agreement, 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 731p per share.
Prosus said: "Furthermore, Prosus believes that it is illogical for Takeaway.com to refer to Prosus's increased offer as "derisory", when its own, inherently more risky offer, comes at a significant discount to Prosus's increased offer."
Shares in Prosus closed 0.1% higher at ZAR971.00 each in Johannesburg on Tuesday. Just Eat was trading 0.1% lower at 780.20 a share in London in the afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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