Battle for Just Eat reheated as Prosus sprinkles an extra £200m on top of its bid in attempt to clinch a deal and see off rival Takeaway.com
- Investment firm Prosus has upped its bid to £5.1billion from £4.9billion
- It also lowered the threshold the offer would have to reach to 50 per cent
- The deadline for shareholders to accept has been extended to 27 December.
Dutch investment firm Prosus has sprinkled an extra £200million on top of its offer for takeaway delivery app Just Eat.
Prosus has upped its bid to £5.1billion from £4.9billion, as it tries to outdo an offer from fellow Dutch bidder Takeaway.com.
Takeaway.com’s share price increased by nearly a fifth since Prosus entered the race in late October, meaning its rival share-based deal has grown more attractive.
Hungry for more: Aberdeen Standard Investments said the cash bid from Prosus of 710p per share ‘significantly undervalues’ Just Eat
Prosus has also lowered the threshold the offer has to reach for it to go through to 50 per cent to grease the wheels of it being successful.
Originally the company was looking for 90 per cent acceptance, but it revised this down to 75 per cent in November.
The deadline for shareholders to accept has been extended to 27 December.
Prosus boss Bob van Dijk said. ‘Just Eat is a quality business, which we believe has all the ingredients to be transformed into a long-term sector winner,’
‘In recognition of this potential, we have decided to increase our offer to 740 pence per share, which we believe provides Just Eat shareholders with compelling value and therefore good reason to accept our all-cash offer.
‘Unlike the Takeaway.com offer, which relies on shares remaining at an above sector multiple, our cash offer provides certainty of value to Just Eat shareholders. We urge shareholders to accept our offer, as it is the only one that delivers certainty in the face of undeniable industry change.’
The board of Just Eat has repeatedly rejected the Prosus approach since the offer was made public on 22 October.