From breakingviews: Just Eat M&A bump may have a long delivery time, KarenKKwok writes:
Signage for Just Eat is seen on the window of a restaurant in London, Britain, August 5, 2019.
Eminence Capital, a U.S. hedge fund and 4.4% shareholder in Just Eat, said on Tuesday that Takeaway.com’s all-share offer “grossly” undervalues the UK group. It rightly pointed out that Just Eat will contribute about 70% of the combined group’s revenue and gross profit, but receive just 52% of the equity. With fellow top-10 investor Aberdeen Standard Investments also criticising the price last month, a November shareholder vote on the deal looks set to be a tasty affair.
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