Bidding war breaks out for food delivery service Just Eat
Just Eat has gotten a bid from investment firm Prosus, challenging its £5-billion ($6.5 billion) deal with Takeaway.com.
Prosus has offered 710p a share in cash for the UK food delivery company, valuing Just Eat at about £4.9-billion, the company said in a statement on Tuesday.
The bid “provides Just Eat shareholders the certainty of an all-cash offer,” Prosus said. The company said it had approached Just Eat’s board and failed to reach an agreement.
Shares jumped as much as 24% on the news in London on Tuesday, the most since July, when Just Eat agreed to sell itself to Takeaway.com of the Netherlands for £5-billion in shares.
The Prosus bid follows a Just Eat statement on Monday that its UK order growth had slowed in the third quarter, to 8% for the calendar third quarter – compared to 11% for the period before. Its guidance for the full-year remains unchanged, the company said, and expects revenue of as much as £1.1-billion.
Representatives for Just Eat and Takeaway.com didn’t immediately respond to requests for comment.
Prosus was listed in Amsterdam in September, a technology-investment business spun out of Naspers.
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