Because it said it found a tie-up with Takeaway.com to make one of the leading eCommerce food delivery firms compelling, Just Eat supported the company’s final all-share offer and rejected a competing Prosus cash bid. Prosus and Takeaway had both made their bids higher for the U.K. firm, but the all-share offer of Takeaway came out ahead of the Prosus offer, Reuters reported.
The two competing Dutch firms avoided participating in an auction after Christmas by placing final bids. Shareholders of Just Eat have until January 10 to accept either bid, while the shareholders of Takeaway will vote on the offer on January 9.
Just Eat said per the report that the holding firm of CEO and founder Jitse Groen along with the managing directors of the firm committed to support the arrangement. Takeaway, which is listed in Amsterdam, has reportedly taken in valid commitments and acceptances for its offer from the holders of 46 percent of the equity of Just Eat. As a result, it is near the 50 percent plus one share it has to have to come out ahead of Prosus.
It enhanced its bid to provide the shareholders of Just Eat approximately 57.5 percent of the combined operation, implying a value of 916 pence for each share of Just Eat.
The news comes as Just Eat was asking its shareholders to hold off on approving an offer from Prosus, saying they should instead accept a smaller deal from Takeaway.com per news in November. Just Eat reportedly said to investors, “Your board believes that the Takeaway.com combination provides Just Eat shareholders with greater value creation than the Prosus offer.”
Takeaway.com said it was “strongly committed” to the pursuit of the arrangement and wished it to move forward. Takeaway.com chief executive Jitse Groen said per past reports, “Our team has a proven ability to win in competitive markets and has defeated numerous competitors in many countries, whether large-scale tech giants or well-funded, own-delivery challengers.”