Takeover battle for JUST EAT: Naspers lowers acceptance threshold | 11/11/19


In the takeover battle for the British food delivery service JUST EAT, the Naspers subsidiary Prosus has to reduce their claims.

The acceptance threshold for the offer is reduced to 75 percent, said Naspers on Monday with the presentation of the offer document in London. Previously, the daughter of the South African media group Naspers still wanted to have at least 90 percent of the shares. The bid price remains at 710 pence per share and thus at 4.9 billion British pounds (5.7 billion euros) in total, it said. The offer period runs accordingly until 11 December.

Lieferando's mother Takeaway.com is also bidding for the English delivery service. Takeaway, based in the Netherlands, also wants to receive at least 75 percent of its shares and offers 0.09744 treasury shares per JUST EAT share – equivalent to around € 4.96 billion at the current takeaway price of € 74.50 in Amsterdam. converted into pounds but only about 4.3 billion pounds.

However, the management of JUST EAT continues to recommend the merger with the Dutch. The offer from Prosus did not suit JUST EAT sufficiently. A combination with takeaway is better from a strategic point of view, also because shareholders are then further invested in the company. Takeaway boss Jitse Groen admitted, however, that he could understand given the circumstances that currently both offers are not necessarily tempting. Nevertheless, the desired exchange ratio of the shares in his offer is appropriate.

Prosus is a subsidiary of the South African media group Naspers and listed on the Amsterdam Stock Exchange. Food delivery services are among the key segments of the investor, which has invested around $ 2.8 billion (approximately € 2.6 billion) in its portfolio since 2016 and shares in iFood from Brazil, Delivery Hero and Swiggy from India holds.

JUST EAT is said to be larger than its rival Takeaway.com, with more than 100,000 licensed restaurants in the United Kingdom, Australia and New Zealand and more than 26 million customers, most recently at nearly 44,000 restaurants and 2018 orders from a strong European business well 14 million customers came. Overall, Takeaway.com and JUST EAT processed around 360 million orders last year.

/ Men / mne / jha /


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