PRESS: Prosus To Leave Just Eat If It Merges With Takeaway.com

(Alliance News) - Johannesburg- and Amsterdam-listed consumer internet firm Prosus NV has ...

Alliance News 11 November, 2019 | 6:54AM
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(Alliance News) - Johannesburg- and Amsterdam-listed consumer internet firm Prosus NV has threatened Just Eat PLC shareholders that it will withdraw its takeover bid if they back a merger with Takeaway.com, the Telegraph reported late Sunday.

According to the newspaper, Prosus is not interested in buying both companies.

https://www.telegraph.co.uk/business/2019/11/10/prosus-threatens-walk-away-just-eat/

In August, online takeaway platforms Takeaway.com and Just Eat proposed an all-share combination to create one of the largest food delivery companies in the world with a market capitalisation around EUR10 billion and processing orders worth over EUR7 billion per year.

The Dutch arm of South African internet giant Naspers Ltd offered 710 pence per Just Eat share at the end of October, which, it noted, was a 20% premium to Takeaway.com's offer of 594p per share.

Despite being rejected by Just Eat and a number of major investors, Prosus has so far refused to increase its offer.

Prosus, which already owns stakes in food delivery businesses such as Delivery Hero and Swiggy, said the proposed merger with Takeaway.com would not be able to bring in the investment needed. Further, Prosus said, its bid is an all-cash option for Just Eat shareholders.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Just Eat PLC 886.80 GBX 0.02 -
Naspers Ltd Class N 244,619.00 ZAC -1.62 -
Prosus NV Ordinary Shares - Class N 67.77 EUR -1.74 -

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