Dutch giant Takeaway.com today restructured its offer for Just Eat as the battle for the London-listed takeaways firm heats up.
Takeaway said it has switched to a formal offer for Just Eat rather than an all-share merger. The move makes it easier for the Dutch firm to get the deal over the line.
It comes as Just Eat management tries to fend off a rival bid from tech investment firm Prosus, which is part of South African conglomerate Naspers.
Last week Prosus unveiled an unsolicited £4.9 billion offer in cash, or 710p per share. Takeaway’s bid in July values the company at 731p, or £5 billion. Just Eat’s board of directors, which has rejected the Prosus bid, said it “unanimously recommends” that their shareholders accept Takeaway’s new offer.
Separately Just Eat said it is cancelling the shareholder meeting for a vote on the offer from Takeaway on December 4. The vote will instead take place on December 2, the same day when shareholders will vote on the Prosus bid.
It is understood major shareholders prefer the Takeaway bid and Cat Rock, which owns a 3% stake in Just Eat, has said publicly that the Prosus offer “dramatically undervalues” the company.
