Just Eat Shares Climb On GBP 4.9 Bln All Cash Takeover Offer From Prosus

Just Eat Shares Climb On GBP 4.9 Bln All Cash Takeover Offer From Prosus

October 22, 2019

Shares of Just Eat plc (JE.L) were gaining around 24 percent in the morning trading in London after Prosus N.V. announced that it has approached the food delivery company with a cash takeover offer valued at about 4.9 billion pounds.

Just Eat is already in deal with Takeaway.com N.V. for an all-share merger, under which each Just Eat shareholder would receive 0.09744 New Takeaway.com Shares. The terms of the merger implied a value for Just Eat of 731 pence per Just Eat Share based on Takeaway.com’s closing share price on July 26 of 83.55 euros.

In a statement, Prosus said its unit MIH Food Delivery Holdings B.V. will offer to buy Just Eat for 710 pence in cash for each Just Eat Share. The Offer represents a premium of approximately 20 percent to the value of the Takeaway.com Offer of 594 pence per Just Eat Share based on Takeaway.com’s closing price on October 21, 2019 of 71 euros.

The offer also represents 20 percent to the closing price of 589 pence per Just Eat Share on October 21.

Prosus said it has recently approached the board of directors of Just Eat with a number of indicative proposals to acquire Just Eat, but no agreement has been reached so far. The company said it believes that the terms of its all-cash Offer provide certainty and compelling value for Just Eat Shareholders.

Meanwhile, Just Eat and Takeaway.com announced that the Scheme Document for their proposed merger is being sent, or made available, to Just Eat Shareholders.

In London, Just Eat shares were trading at 729 pence, up 23.69 percent.

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