Just Eat Board Recommends Takeaway.com Offer, Rejects Prosus Bid
December 20 2019 - 5:41AM
Dow Jones News
By Adria Calatayud
U.K. food-delivery platform Just Eat PLC (JE.LN) said Friday
that its board unanimously recommends an improved all-share offer
from Dutch peer Takeaway.com NV (TKWY.AE), and rejects a rival
all-cash bid from Prosus NV (PRX.AE).
Just Eat said its board believes the final Takeaway offer will
deliver greater value to Just Eat shareholders than the final
Prosus bid, as Takeaway's proposal is based on a compelling
strategic rationale that allows shareholders to participate in the
upside potential of the enlarged group.
Just Eat's board had also recommended a previous offer from
Takeaway and rejected bids from Prosus.
Just Eat's response comes after its two suitors put in improved
offers and declared them final on Thursday, in an escalation of the
bidding war for the U.K. company.
Takeaway said its increased bid would give Just Eat shareholders
a 57.5% stake in the combined group, up from 52.12% under its
previous offer. The Dutch company also said it plans to explore
options to exit Just Eat's minority stake in Brazil's iFood--in
which Prosus owns a major stake--and return approximately half of
the net proceeds to the shareholders of the combined group.
Meanwhile, Prosus raised its cash bid for Just Eat to 800 pence
a share from 740 pence a share, valuing the company at 5.5 billion
pounds ($7.20 billion).
Both offers will remain open for acceptances until Jan. 10, Just
Eat said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
December 20, 2019 06:26 ET (11:26 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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