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.
Investors holding more than half of Just Eat stock have indicated they’ll agree to Takeaway’s all-stock bid, which values the company at about £6-billion (R112-billion), according to the people. The preliminary tally includes those who plan to formally tender in the coming days, the people said, asking not to be identified because the information is private.
Takeaway’s proposal requires a majority of shareholders to accept in order to be successful. Crossing the 50% threshold would mean the bid, which has been recommended by the Just Eat board, has prevailed over a rival cash offer from Prosus.
Takeaway said on 19 December it had acceptances and commitments from investors holding 46.07% of Just Eat stock. Investors have until 1pm London time on 10 January to tender their shares.
Representatives for Just Eat and Takeaway declined to comment, while a representative for Prosus said she couldn’t immediately comment.
Takeaway announced an all-stock bid for Just Eat in late July valuing the British company at about £7.31/share. Prosus, a spin-off from South African media giant Naspers, countered with a cash offer in October.
After a rejection from Just Eat, Prosus publicly raised its bid twice before Takeaway announced its final offer in December of about £9.16/share. Takeaway’s proposal has won support from shareholders including Aberdeen Standard Investments, which said the stock deal would let it maintain exposure to the fast-growing online food delivery market through the combined entity. — Reported by David Hellier, with assistance from Natalia Drozdiak, (c) 2020 Bloomberg LP