(Alliance News) - Just Eat PLC on Monday reiterated its support for the proposed merger with Takeaway.com NV of the Netherlands, following the posting of an offer document by Prosus NV, the Amsterdam-listed arm of media and technology investor Naspers Ltd.
Earlier Monday, Prosus posted the document to shareholders in the FTSE 100-listed online takeaway firm, setting its first closing date for the offer at December 11.
In addition, Prosus reduced the level of acceptances needed to satisfy the acceptance condition to 75% of Just Eat shares from 90% previously.
In late October, Prosus made a GBP4.9 billion offer for Just Eat at 710 pence per share, offering shareholders an alternative to the UK online food delivery platform's all-share merger with Takeaway.com NV, also Amsterdam-listed, which was made in August.
Prosus said its 710p bid was a 20% premium to Takeaway.com's own offer of 594p per share and a 20% premium to Just Eat's closing price in London the day before it made the offer.
However, Just Eat in October rejected Prosus's offer, reaffirming its backing for its planned merger with Takeaway.com.
Just Eat said Monday that it continued to believe that the Prosus offer "significantly undervalues" the company on both a standalone basis and as part of the proposed merger with Takeaway.com.
As a result, Just Eat once again recommended that shareholders reject the offer by Prosus.
"The board believes that Just Eat is a leading strategic asset in the food delivery sector and the Prosus offer fails to appropriately reflect the quality of Just Eat and its attractive assets and prospects, the benefits of first mover advantage in a consolidating sector, and the significant future upside available to Just Eat shareholders through remaining invested in Just Eat and the Takeaway.com combination," Just Eat said.
Shares in Just Eat were down 0.2% at 736.40 pence on Monday in London. Prosus shares were down 1.2% at EUR62.39 in Amsterdam, and 0.1% higher in Johannesburg at ZAR1,025.67.
Takeaway.com shares were 1.5% higher at EUR74.30 in Amsterdam.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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