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.
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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.
Prosus has been accused of “selling down” and trying to depress the share price of its rival Takeaway.com in the fight to gain control of Just Eat.
Prosus may be a bit late with its offer to buy Just Eat: Takeaway.com and Just Eat announced their proposed transaction at the beginning of August and have already published a schedule of events to finalise it.
Naspers spin-off, Netherlands-listed Prosus, is making an audacious, R93.5-billion hostile bid to buy London-listed Just Eat.
Tuesday’s dramatic hostile counter-bid for the British Internet takeout company Just Eat arrived almost fully baked. But the new offer isn’t that tempting – it needs a big dollop of dessert to make it irresistible.
Prosus, which listed in Amsterdam just last week, is splitting opinion among the first investment banks to cover the stock.
The astonishing things is that shareholders were asked to approve the new scheme – and did – without knowing what the performance condition was.