Prosus hits back after Takeaway.com and Just Eat try to go forward with merger
South African investor Prosus has criticised Takeaway.com’s offer for food ordering service Just Eat as “unrealistic” as it pushes for shareholders to reject the Dutch company’s approach in favour of its own.
Takeaway.com and Just Eat published the offer document for its £4.7bn bid – which is backed by Just Eat’s management – this morning, but Prosus is still holding out hope that shareholders will back its £4.9bn unsolicited offer.
Prosus argues that Takeaway.com is underestimating the scale of investment needed in Just Eat’s own delivery capabilities, which face stiff competition from rivals such as Deliveroo and Uber Eats.
Bob van Dijk, chief executive of Prosus, said the company was “excited about the prospect of adding Just Eat to our portfolio”. He said:
Our cash offer provides compelling and certain value to shareholders at a premium to the Takeaway.com Offer and removes the downside risk for Just Eat’s shareholders. Our offer also reflects the substantial investment required in product, technology, marketing and own-delivery capabilities to make the most of Just Eat’s long-term potential.
We believe that the Takeaway.com offer underestimates the substantial investment required in Just Eat to recapture market share and improve performance in an increasingly competitive sector undergoing global transformation.
A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries.