Prosus in R93bn hostile bid
STRATEGIC: NASPERS SPIN-OFF MAKES OFFER FOR JUST EAT TO DISRUPT TAKEAWAY.COM
All-cash deal could help boost ambition to build world’s leading food delivery business.
Naspers spin-off Prosus, listed in the Netherlands, is making an audacious, R93.5 billion hostile bid to buy London-listed Just Eat. The move is an attempt to disrupt an earlier-announced planned acquisition of Just Eat by rival Takeaway.com. The all-cash Prosus offer, worth £4.9-billion, is being made through Prosus’ wholly owned indirect subsidiary, MIH Food Delivery Holdings.
“Prosus has recently approached the board of directors of Just Eat with a number of indicative proposals to acquire Just
Eat,” Prosus said yesterday.
“Prosus and the Just Eat board have not managed to reach agreement. Consequently, Prosus is making this announcement to give Just Eat shareholders the opportunity to consider the offer.”
Under the terms of the offer,
Just Eat shareholders will be entitled to receive £7.10 in cash for each Just Eat share, Prosus said.
The offer represents a premium of 20% to the value of the Takeaway.com offer of £5.94 per Just Eat share based, on Takeaway. com’s closing price on Monday.
“Having had access to, and reviewed, certain due diligence information made available by Just Eat … Prosus believes that the terms of its all-cash offer provide certainty and compelling value for Just Eat shareholders.”
According to Prosus, Just Eat operates a global marketplace for food delivery across 13 markets.
Prosus regards food delivery as a big future growth driver. It has a portfolio of food delivery businesses and investments, including iFood, Delivery Hero and Swiggy.
It said the offer for Just Eat is “an important step towards achieving Prosus’ ambition to build the world’s leading food delivery business and the next logical step for the iFood investment partnership between Prosus and Just Eat in Latin America.” – This article was published with the permission of TechCentral