(Alliance News) - Just Eat PLC on Monday said Takeaway.com is making a recommended offer for the company with with 75% threshold instead of proceeding with a scheme of arrangement.
Takeaway made the announcement on Monday and said the change was intended to give Just Eat shareholders "increased deal certainty". The offer will replace the all-share scheme of arrangement under which Just Eat shareholders would have received 0.097744 of a new Takeaway.com share per Just Eat share - an implied value of 731 pence per Just Eat share.
According to Takeaway.com, its offer document with further details of the offer will be sent "as soon as reasonably practicable" and likely within two weeks of the announcement. However, many of the original offer terms remain the same - including that Just Eat shareholders accepting the Takeaway.com offer will still be entitled to 0.097744 Takeaway.com of a share per Just Eat share.
The change in plan is the latest twist in the Just Eat bidding war, in which both Takeaway.com and Prosus NV have made offers for the FTSE-100-listed food delivery and ordering platform.
Prosus, listed in Amsterdam and Johannesburg, is part of Naspers Group Ltd and offered 710p per share in cash for Just Eat - a deal worth GBP4.9 billion. All Prosus's bids have so far been rejected by Just Eat, including two earlier bids at 670p and 700p per share.
Shares in Just Eat were up 0.2% at 738.80p in London on Monday morning.
The Takeaway.com offer is conditional on valid acceptances representing at least 75% of Just Eat shares and on the hostile Prosus bid falling through.
"The Just Eat board notes the announcement this morning by Takeaway.com that it now intends to implement the combination by way of an offer for Just Eat with an acceptance threshold set at 75% of the voting rights in Just Eat's share capital rather than through the scheme. The Just Eat board unanimously recommends that Just Eat shareholders accept the Takeaway.com offer," said Just Eat.
By Anna Farley; annafarley@alliancenews.com
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