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.
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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’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.
Takeaway.com has won a months-long bidding war for Just Eat, ending a contentious battle with the Naspers spin-off Prosus and creating Europe’s largest food delivery operation.
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.
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.
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.