Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
On the same day that Just Eat published the scheme document in relation to its merger with Takeaway.com N.V., Prosus N.V., the investments vehicle of Naspers Limited, announced an unsolicited offer of £4.9 billion for the group.
In its approach, Prosus said that Just Eat’s Q3 financial results showed that growth was slowing and that the business needs a ‘substantial investment’ which Prosus believes it can provide. Further, the company believes that the Just Eat-Takeaway merger would not give Just Eat this investment. Prosus is a leading operator and investor in food delivery, having backed names such as iFood (Brazil), Delivery Hero (Germany) and Swiggy (India), and in its offer Prosus draws on this experience of investment to make the case to Just Eat shareholders.
It is hoped that a Just Eat-Takeaway merger would create a leading global online food delivery marketplace, operating in 23 countries and partnering with over 155,000 restaurants. Such a group would be able to compete with Uber Eats and Deliveroo, the latter of which received an investment from Amazon. The threat from these two companies is substantial. Prosus however believes that its offer and the investment it will put into Just Eat offers better value than the merger with Takeaway. The company for example states that Takeaway.com invested in an acquisition, Scoober. Scoober then only represented 4.9% of Takeaway.com’s reported total orders in the first half of 2019.
Prosus’ hostile bid comes just as there was evidence of investor dissent building up in the Just Eat/Takeway merger. Eminence Capital, the New York-based hedge fund which owns around 4% of Just Eat criticised the merger as a ‘gross undervaluation’. Similar criticism was echoed by Aberdeen Standard Investments, one of the company’s top 10 shareholders. The merger values Just Eat shares at 731p a share (giving an offer value of £4.98 billion), but Just Eat has traded higher than this price since the announcement in August. Takeaway’s Share price was
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
0330 161 1234