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Just Eat board backs Takeaway.com's final offer

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Just Eat board backs Takeaway.com's final offer

Just Eat PLC's board on Dec. 20 recommended its shareholders accept Dutch food-delivery company Takeaway.com NV's final takeover bid and reject Prosus NV's revised cash offer.

Takeaway and Prosus on Dec. 19 made their final offers for the London-based online food-delivery company.

Takeaway.com raised its offer to 916 pence per share from 731 pence per share, with a 57.5% ownership of the combined entity for Just Eat shareholders. The company also reduced its condition for acceptance to 50% plus 1 share from 75%.

Meanwhile, Naspers Ltd.'s e-commerce investor Prosus increased its bid for Just Eat to 800 pence per share, or about £5.5 billion.

Just Eat's board said it continues to believe the final Takeaway.com offer will deliver greater value to Just Eat shareholders than Prosus' final offer.

Just Eat said the merger with Takeaway.com provides an opportunity to create one of the leading online food-delivery companies in the world, with an exposure to the Netherlands and Germany.

The Just Eat board also said that Takeaway.com has received valid acceptances of and further commitments to accept its final offer from the holders of 46% of Just Eat's equity.