It’s the £4.9bn takeaway bid

Cash offer move to thwart Just Eat deal

MEALS delivery firm

Just Eat is at the centre of a bidding war after receiving a surprise new £4.9billion cash offer.

The company had already agreed a merger with Dutch rival Takeaway. com.

But investment firm Prosus is aiming to scupper that deal with a cash bid working out at 710p a share.

Shares in Just Eat soared by nearly 25 per cent to 732p yesterday as a result.

Just Eat’s board has rejected the Prosus offer, claiming it “significantly undervalues” the company. But Prosus is now appealing directly to the shareholders.

Just Eat and another competitor, Deliveroo, have built up booming businesses from shaking up the takeaway industry.

Deliveroo’s bosses have been handed more than £20million in potential shares amid reports it could be lining up a possible £3billion stock market listing.

The proposed tie-up between Just Eat and Takeaway.com would create a £9billion combined business.

Prosus already has big investments in food delivery companies in Latin America, India and elsewhere in Europe.

Bob van Dijk, its chief executive, said: “We believe our global experience and resources can help Just Eat to achieve its significant potential.”

Chris Beauchamp, chief market analyst at online trading firm IG, said: “The response from the share price suggests a bidding war is now in play, potentially sending the share price back towards the 900p high we saw in early 2018.”