Prosus and Takeaway.com make new and final offers for Just Eat

20th December 2019 (Last Updated December 20th, 2019 14:07)

Netherlands-based Prosus and Dutch company Takeaway.com have made new and final bids to take over British online delivery platform Just Eat.

Netherlands-based Prosus and Dutch company Takeaway.com have made new and final bids to take over British online delivery platform Just Eat.

Prosus has made 800 pence per share in cash offer through its subsidiary MIH Food Delivery Holdings to acquire the entire issued and to be issued ordinary share capital of Just Eat.

This is a further revision to the offer of 740 pence per share in cash made on 10 December.

According to Prosus, the total offer consideration of £5.5bn is 35% more than the value offered by Takeaway.com, which is 594 pence per Just Eat share.

Prosus Group CEO Bob van Dijk said: “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.”

Recently, Just Eat rejected the increased cash offer of around £5.1bn made by Prosus.

Meanwhile, Takeaway.com also has made a final offer of 0.12111 Takeaway.com shares for each Just Eat share.

Just Eat shareholders will own approximately 57.5% of the share capital of the combined group and Takeaway.com shareholders will own approximately 42.5%.

In July, the online UK food delivery business Just Eat agreed to merge with Takeaway.com in a £4.7bn ($6.19bn) all-share deal.

Takeaway.com operates food delivery services in 11 countries across the globe.

In a statement, Just Eat said: “The Board of Just Eat is currently reviewing the final Prosus offer and the final Takeaway.com offer (together the “Final Offers”). Shareholders are advised to take no action with regards to the final offers at this time.”