A bidding war for Just Eat looms as Prosus makes an unsolicited $6.3-billion offer to rival Takeaway’s all-share offer
The offer is the first major move by chief executive Bob van Dijk since South Africa’s Naspers spun out the company last month, creating a European tech firm valued at $120 billion, largely due to its 31% stake in China’s Tencent.
Just Eat said its board had unanimously rejected the Prosus offer, which “significantly undervalued” its assets and prospects, both as a standalone company and in combination with Takeaway. Just Eat said it stood by the deal it agreed with Takeaway, saying that was based on “compelling strategic rationale”.
Just Eat however said the Takeaway deal would enable its shareholders to remain invested in the combined group, which would benefit from a strong leadership position in many major markets. Cat Rock, a major shareholder in both Just Eat and Takeaway which had pushed for the two to combine, said Prosus’s offer “dramatically undervalued” Just Eat’s shares.
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