Monday 18 November 2019

Food fights: Prosus bypasses Takeaway, launches hostile bid for Just Eat

Photo: Takeaway.com

Amsterdam listed tech investment fund Prosus has made a hostile takeover bid for British food delivery service Just Eat, which reached a deal earlier this year to merge with Dutch meal deliver Takeaway.com.

Prosus is bidding 710 pence for the British delivery firm, a 20% premium on its Monday close of 594 pence.

The Prosus offer, rejected by the Just Eat board, has been welcomed by Just Eat shareholders, and the share gained over 26% in Tuesday’s trading. The all cash deal is around one fifth higher than the value of the all-share Takeaway.com bid, which has fallen in value by 19% since being announced.

Prosus, South African in origin, launched on the Amsterdam stock exchange in September. The company already has a large stake in German delivery company Delivery Hero.

Takeaway has been on the takeover trail for some time. Last December, the Dutch food delivery service giant bought German home delivery companies Lieferheld, pizza.de and Foodora from Delivery Hero for €930m in a cash share deal.

That agreement gave Delivery Hero an 18% stake in Takeaway.com, which operates the Thuisbezorgd.nl label in the Netherlands.

Jitse Groen set up Thuisbezorgd.nl – now Takeaway.com – in 2000 when he was a 21-year-old student. The company now operates in 12 European companies.

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