The Naspers-controlled Internet investment firm has agreed to pay as much as €1.8-billion to acquire a further 33.3% stake in Brazil’s iFood.
Browsing: Just Eat
Prosus suffers from the same problem as Manchester City Football Club: Because everyone knows it has access to vast amounts of capital, it’s always at risk of overpaying for acquisitions.
Prosus is on the lookout for acquisitions after the Dutch e-commerce giant reported a 28% rise in first-half earnings and a net cash position of US$4.3-billion.
Naspers spin-off Prosus, which became Europe’s largest technology company this week, has always been something of a Gordian knot for investors.
Naspers’s European-listed Internet investment holding company Prosus announced on Friday that it plans to acquire up to $5-billion in both Naspers and Prosus shares in a massive share buyback programme.
Prosus is in talks to increase its stake in iFood, Latin America’s biggest food delivery start-up, amid a wave of consolidation in the industry, people with knowledge of the matter said.
Takeaway.com is set to declare final victory in the five-month takeover battle for UK food-delivery company Just Eat, people with knowledge of the matter said.
Just Eat chose a revised offer by Takeaway.com to merge and spurned a final all-cash bid by Naspers spin-off Prosus, which appears all but set to lose the drawn-out fight to claim ownership of the British food delivery firm.
Takeaway.com raised its bid for Just Eat just minutes after Naspers spin-off Prosus upped its offer, intensifying a battle for ownership of the UK food delivery firm.
Just Eat has rejected Naspers spin-off Prosus’s higher bid saying that the latest offer still significantly undervalues the company.