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The takeover battle for food delivery service Just Eat plc is set for a dramatic close with Just Eat plc’s shareholders approaching the 10 January 2020 deadline to accept either Prosus N.V’s or Takeaway N.V’s final offers.
Prosus’s final offer is 800p a share, valuing Just Eat at £5.5 billion. According to Prosus, the offer represents a premium of approximately 36% from Just Eat’s share price on 21 October 2019, the last business day before Prosus announced its offer.
Prosus believes that the increased final offer ‘represents a compelling proposition for Just Eat Shareholders with the certainty of a cash exit at a substantial premium to Just Eat’s unaffected share price and to the value of the Takeaway.com offer.’
Just Eat, however, rejected the increased cash offer and has recommended to its shareholders that they accept Takeaway’s final offer, which would see Just Eat shareholders own 57.5% of the enlarged group. The offer gives an implied value of 916p a Just Eat share (valuing Just Eat at approximately £6.24 Billion)
Although the company acknowledged that the Prosus’s offer ‘would provide immediate cash value to Just Eat shareholders’, they continue to believe that a combination with Takeaway is more strategically compelling given both companies’ global footprint. For instance, Just Eat stated that the merger ‘creates the second largest food delivery player globally and the largest outside China and will be the market leader in 15 of the 23 countries where it operates’.
The final Takeaway offer remains subject to Takeaway shareholder approval, which is being sought on 9 January 2020. At the time of writing, this authority is still being sought.
Market Tracker will continue to monitor this transaction as it develops.
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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.
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