(Alliance News) - Takeaway.com NV on Friday said its proposed all-share merger with FTSE 100 Just Eat PLC has become unconditional as to acceptances.
The European online food delivery marketplace said the increased offer of 916 pence is now unconditional as to acceptances shareholders, as it exceeded the 80% acceptance level required to meet the condition.
The bid for the FTSE 100-listed takeaway platform Just Eat was previously at 731p per share. However, this was raised as part of a bidding war with Johannesburg-listed Prosus NV.
Prosus was Takeaway.com's rival for Just Eat and had offered cash bids of 710p, 740p, and 800p. However, these offers were rejected by Just Eat's shareholders.
On Thursday, Takeaway.com said its shareholders had approved the Just Eat merger at an extraordinary general meeting.
"I am thrilled that our offer for Just Eat has now formally reached an acceptance level of 80%. Just Eat Takeaway.com is a dream combination and I am very much looking forward to leading the company for many years to come," said Takeaway Chief Executive Jitse Groen.
Looking ahead, Takeaway.com said it expects its offer for Just Eat to be declared wholly unconditional no later than the end of January.
Shares in Just Eat were up 1.8% at 899.60 pence on Friday in London. Prosus's shares in Johannesburg were up 2.8% at ZAR1,124.00.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
