Prosus, through MIH Food Delivery Holdings, makes £5.1bn offer to acquire Just Eat. Credit: Just Eat Holding Limited.

UK online food delivery platform Just Eat has rejected the increased cash offer of around £5.1bn made by Netherlands-based Prosus.

The rejection follows after Prosus announced revised terms of 740 pence per share in cash to acquire Just Eat on 9 December.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

In a statement, Just Eat said: “The Board of Just Eat has now considered the terms of the Prosus offer and continues to believe that it significantly undervalues Just Eat and its attractive assets and prospects both on a standalone basis and as part of the proposed recommended all-share combination with Takeaway.com (“Takeaway.com”) (the “Takeaway.com Combination”).

“Accordingly, the Board of Just Eat unanimously recommends that shareholders reject the Prosus offer of 740 pence per share.”

In July, Just Eat and Takeaway.com reached an agreement in principle on a possible all-share combination to create Just Eat Takeaway.com NV.

As per the possible combination, Just Eat shareholders would be entitled to receive 0.09744 Takeaway.com shares in exchange for each Just Eat share.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In October, Prosus made a £4.9bn offer through its subsidiary MIH Food Delivery Holdings to acquire the delivery platform. Prosus is a spin-off of South African consumer internet group Naspers.

Prosus Group CEO Bob van Dijk said: “Just Eat is a quality business, which we believe has all the ingredients to be transformed into a long-term sector winner. In recognition of this potential, we have decided to increase our offer to 740 pence per share, which we believe provides Just Eat Shareholders with compelling value and therefore good reason to accept our all-cash offer.

“Unlike the Takeaway.com offer, which relies on shares remaining at an above sector multiple, our cash offer provides certainty of value to Just Eat Shareholders. We urge shareholders to accept our offer, as it is the only one that delivers certainty in the face of undeniable industry change.”