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.
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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.
Naspers spin-off Prosus has raised its bid for UK food delivery firm Just Eat as it tries to win over investors and beat out an offer from rival Takeaway.com.
Naspers unlocked about R150-billion of value for shareholders through the separate listing of its Internet businesses, and with that done is now focusing on bulking up in online food deliveries.
Takeaway.com CEO Jitse Groen said it doesn’t make sense to overpay in its bid to gain control of rival Just Eat as it battles Naspers Internet spin-off Prosus, which officially filed its hostile offer for Just Eat on Monday.
Tencent posted quarterly earnings that missed the lowest analyst’s estimate after a weakening economy hurt advertisement revenue.
OLX Group, the Internet classifieds business in the Prosus stable, said on Monday that it will increase its ownership in online car marketplace Frontier Car Group.
Takeaway.com and Prosus haven’t started throwing egg rolls at each other, but they aren’t far off. With shareholders having to choose between two very different deals, the battle is turning ugly.