Meal delivery company Just Eat has rejected a hostile takeover bid from investor Prosus. The British company focuses on its merger discussions with Dutch competitor Takeaway.com.
20 % higher
Prosus offered 4.9 billion pounds (5.7 billion euros) for Just Eat, which was 20 % more than the offer by Takeaway.com. Nevertheless, it was rejected as Just Eat remains in favour of a merger with the Dutch meal delivery company. Prosus had already tried to approach Just Eat in the past, but that did not lead to any real negotiations, Dutch newspaper NRC writes.
However, the plans to merge with Takeaway.com have not been well received by all shareholders of the British company: American fund Eminence Capital and Scottish asset manager Aberdeen Standard Investments, among others, have already indicated that they find the offer from Takeaway.com to be insufficient. By doing this, they have opened the doors to other interested parties.
The merger plans between the two meal delivery companies would mean that Takeaway.com's shareholders will acquire 48 % of the new company, and Just Eat's shareholders will acquire 52 %. Takeaway.com's current CEO, Jitse Groen, would lead the merger company. On 4 December, the shareholders of Takeaway.com will have the opportunity to give their opinion on this.