(Alliance News) - Naspers Ltd spinoff Prosus NV said Friday its cash offer for takeaway ordering platform Just Eat PLC has lapsed with acceptances from just 158,037 shares or 0.02% of Just Eat's issues share capital.
The 800 pence per share offer from Prosus was not enough to see off rival Takeaway.com NV's all-share merger bid. As at 1300 GMT, the offer closing date, Prosus had not received enough acceptances to meet its acceptance condition, holding a that time no existing Just Eat shares.
The final offer has, therefore, lapsed, being no long open to acceptances and with accepting Just Eat shareholders no longer bound by their acceptances.
Prosus Chief Executive Bob van Dijk said: "As stated in our original offer and subsequently, we consider Just Eat an attractive business though one which will require significant investment. We have been clear throughout that we would remain disciplined in how we allocate our capital and the price that we would offer.
"We have an outstanding track record of executing [mergers & acquisitions] at the right price for our shareholders and of generating strong returns. Just Eat is not an acquisition we wanted to make at any cost and while we have significant financial capacity, we believe that our final offer of 800 pence per share was appropriate in light of the investment required and preserved our ability to create value for our shareholders.
"Our core operating segments are growing fast with significant runway ahead of them. We will continue to identify and pursue opportunities that will be both additive to our current strategy and generate high levels of return for our shareholders."
Shares in Just Eat were up 1.6% at 898.40 pence in London on Friday. Prosus shares closed up 3.0% at ZAR1,126.23 in Johannesburg, while Naspers' Johannesburg shares closed up 1.5% at ZAR2,375.50.
Earlier on Friday, Takeaway.com said its proposed all-share merger with FTSE 100 firm Just Eat 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.
Looking ahead, Takeaway.com said it expects its offer for Just Eat to be declared wholly unconditional no later than the end of January.
By Anna Farley; annafarley@alliancenews.com
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