The battle for Just Eat reached a new climax yesterday. Both investor Prosus and competitor Takeaway.com increased the bid for the British meal provider. The latter also released strong annual figures: extra motivation for the hesitant Just Eat shareholders to rally behind Takeaway.com?
A fierce struggle
Prosus first made its own bid at 8 pounds (9.37 euros) in cash per share, after which Takeaway.com also made a new bid. The Dutch company now offers £9.16 (converted from €10.72) per Just Eat share. While Prosus offers cash, the Dutch meal provider bids in shares: if the shareholders of Just Eat accept the increased bid, they will now hold 57.5% of the new company. At the previous bid it was 52.2%, writes HLN.
Takeaway.com is also lowering its acceptance rate to 50% of Just Eat shares, plus one share. The company says it already has pledges for 41.09% of those shares. Prosus, for its part, has been using this acceptance threshold for some time. Both candidates have already made it clear that this is a final bid and that it can, therefore, be taken or refused. The deadline is January 10th. The day before Takeaway.com will hold an extraordinary shareholders' meeting, at which the shareholders can express their opinions on the deal.
Strong growth rates
Almost simultaneously with the bid increase, Takeaway.com published a trading update: the company expects to achieve 77% revenue growth this year. Especially in Germany, the meal deliverer performs very well. Turnover is expected to reach 211 million euros, compared to 86 million euros a year ago.