(Alliance News) - Prosus NV on Thursday made a final, increased offer for FTSE 100 takeaway platform owner Just Eat PLC.
Prosus has offered 800 pence in cash per Just Eat share, valuing Just Eat at GBP5.5 billion. The price is a 36% premium to Just Eat's closing price on October 21, when Prosus's original offer was first announced.
Prosus, which is bidding for Just Eat against Takeaway.com NV, previously had made 740p and 710p per share bids, both of which have been rejected by Just Eat.
Just Eat shares were 1.0% lower late on Thursday in London at 795.00p. Prosus finished 0.5% lower in Johannesburg at ZAR1,035.02. It was flat in Amsterdam at EUR65.23.
Prosus, which was recently spun-off from media giant Naspers Ltd, is competing with Just Eat's Dutch rival Takeaway.com. Takeaway.com and Just Eat agreed to an all-share merger in July, under which 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.
"We have been very clear from the beginning about our ambition to build the world's leading food delivery business. The acquisition of Just Eat, which brings its portfolio of good market positions, would be a meaningful step in realising this goal. Following extensive discussions with Just Eat's and Prosus's shareholders, we have decided to make a final increase in our cash offer to 800p per share," said Prosus Chief Executive Bob van Dijk.
"This level delivers outstanding and certain value to Just Eat shareholders while also providing an appropriate return for our own shareholders, given strong levels of competition and significant investment required to reinvigorate growth. We urge Just Eat shareholders to accept this final offer and bring the uncertainty around Just Eat's future to a close."
A week ago, Takeaway.com said 14% of Just Eat shareholders had accepted its merger offer, with the deadline for them to do so then extended to December 27.
By George Collard; georgecollard@alliancenews.com
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