The battle for takeaway food delivery business Just Eat (JE.) is close to being settled after both interested buyers tabled higher offers for the UK FTSE 100 company.
Just after 3pm Prosus, the Dutch investment firm, upped its offer to £5.5bn, from the £5.1bn it had previously been prepared to pay. This is as high as Prosus is willing to go, the investment firm said.
This is a cash offer that values Just Eat shares at 800p each. The move is designed to convince shareholders that its offer is better value than the merger with rival Dutch food delivery firm Takeaway.com, a tie-up that Just Eat management firmly back.
DOUBLE DUTCH DEALS
But less than 20 minutes later Takeaway.com struck back, raising its own final offer that values Just Eat shares at 916p each, based on Takeaway.com's closing share price on 18 December 2019 of €88.90.
‘We have brought forward our best and final offer for Just Eat, worth 916 pence per share based on our share price at yesterday's close’, said Takeaway.com’s statement.
‘This offer is a full offer, and on top of that we believe it provides Just Eat shareholders with tremendous upside.’
Accepting the Takeaway.com deal would hand Just Eat shareholders a 57.5% stake in the enlarged company, versus the 52.12% stake previously.
The deadline for shareholders to make up their minds and vote either way is 1pm on 10 January.
Just Eat shares are up 2% at 820.2p.
