Just Eat race heats up as rival suitors submit their closing offers
THE Dutch delivery firm trying to buy Just Eat sweetened its bid minutes after a rival suitor upped its own offer.
Takeaway.com, which had already agreed a merger deal with Just Eat, made an improved merger offer which valued the firm at 916p per share, based on Wednesday’s closing price.
Takeaway said the offer would be its “final” bid for the food delivery firm. It is an increase from its previous 731p offer.
The increased offer came shortly after Prosus, which has vied against the food delivery firm in the takeover battle for months, increased its offer to 800p per share.
Just Eat said it was reviewing the final offers and advised shareholders to “take no action”.
Just Eat shareholders will own 57.5% of the combined group as part of the bid, Takeaway said, up from 52.12% under its previous offer.
It added that the offer would remain open for acceptance until January 10 and said that a majority vote was needed for the deal to be accepted.
Takeaway also said it would, following the completion of a merger, sell Just Eat’s stake in iFood, returning 50% of the proceeds to the shareholders of the new business.
Jitse Groen, Takeaway chief executive, added: “This offer is a full offer, and on top of that we believe it provides Just Eat shareholders with tremendous upside.
“The all-share combination establishes the largest global platform in online food delivery outside China.
“It allows shareholders of both Just Eat and Takeaway.com to benefit from significant longterm value creation.”