Takeaway.com was self-assured to win the battle for British food delivery firm Just Eat after it trumped a raised bid from competitor Prosus NV, which put it within reach of a 50% threshold required to seal the deal.
The two firms competing to buy British online meals delivery firm made increased final offers Thursday, with Prosus giving 800 pence, or 5.5 billion pounds ($7.16 billion) in cash, and Takeaway.com raising its all-share offer.
The Takeaway offer valued Just Eat shares at 916 pence each based on its closing price Wednesday. The possibility of a higher offer sent Takeaway shares falling over 9% to 80.25 euros in Amsterdam Thursday afternoon, narrowing the difference between the two proposals to just 30 pence.
However, Takeaway looked set to close the deal after it said it had the support of acceptances representing 46.07% of Just Eat shares. Just Eat’s largest shareholder STM Fidecs Trust Company, stated it was supporting the “materially improved” offer from Takeaway.
Takeaway and internet titan Prosus – also listed in Amsterdam – have been fighting since October, with Takeaway’s earlier offer supported until now by Just Eat’s panel.
Just Eat mentioned in a statement it was reviewing both final bids and suggested shareholders take no action at this time.
The bids were introduced within a matter of minutes of each other in a late afternoon flurry.
Prosus CEO Bob van Dijk stated his firm’s final bid, which was increased from earlier offers of 710 and 740 pence, “delivers an excellent and certain value to Just Eat shareholders,” and he urged them to welcome it.