BDL Capital Management considers the price Prosus offered for Just Eat Takeaway.com to be unfair to minority shareholders, the Paris-based asset manager said in a report on Tuesday.
In late February, the Dutch technology investor, which is controlled by South Africa’s Naspers, agreed to buy Just Eat Takeaway for €20.30/share to create a “European tech champion” of food delivery.
The price should be €56.10/share based on BDL’s fair-value calculation, it said in the report published on its website. BDL holds 2.04% in Just Eat Takeaway, according to LSEG data.
This price was calculated by analysing enterprise value-to-gross transaction value (EV/GTV) and EV-to-Ebitda multiples in past Just Eat transactions, other transactions in the sector and for listed peers, BDL said.
It also took into account Just Eat’s 2025 guidance, its “intrinsic” value and possible synergies which it estimated at more than €100-million/year.
“Just Eat Takeaway.com believes that Prosus has made a compelling offer representing an attractive cash premium to Just Eat Takeaway.com’s shareholders, as well as favourable non-financial terms and commitments in respect of deal certainty,” Just Eat said via e-mail.
Read: Koos Bekker offloads R3-billion in Prosus shares
Prosus did not immediately respond to a request for comment. — Michal Aleksandrowicz, (c) 2025 Reuters
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