Battle for food-delivery company Just Eat heats up with $6.5-billion offer from Prosus

Toby Melville/Reuters

“Unlike the Takeaway.com offer, which relies on shares remaining at an above-sector multiple, our cash offer provides certainty of value to Just Eat shareholders,” CEO Bob van Dijk said in a statement.Prosus also lowered its acceptance threshold to 50 per cent plus one share, down from 75 per cent, and extended its offer period to Dec. 27. It said the new offer is about 25 per cent above the level where Just Eat shares were trading before its first bid in October.

Takeaway’s CEO, Jitse Groen, described the new Prosus offer as “derisory,” noting that it was 9 per cent lower than Just Eat’s share price as recently as Aug. 13. Cat Rock has argued that Just Eat would thrive under Groen’s leadership and that shares of the new entity could reach as high as 12 pounds.

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