“Just Eat is not an acquisition we wanted to make at any cost,” argues Bob van Dijk, CEO of Prosus, after the tech giant walked away from the bidding war that started last year against rival Takeaway.

Just Eat investors controlling 80.4% of its shares have finally backed Takeaway’s all-stock bid, which values the company at about £6.1-billion (R114-billion).

The Amsterdam-based Takeaway has won the bidding war.

Takeaway has placed a 5.9 billion pound ($7.7 billion) share offer that will create one of the world’s largest meal delivery companies.

However, van Dijk said the tech giant believe that its final offer of 800 pence per share was appropriate in light of the investment required.

“Our core operating segments are growing fast with a significant runway ahead of them,” he said.

“We will continue to identify and pursue opportunities that will be both additive to our current strategy and generate high levels of return for our shareholders.”

The Takeaway’s offer was backed by Just Eat’s boards despite a higher bid price from cash-flush larger rival Prosus, which is owned by South African-based tech giant Naspers.

On December 19, Prosus tabled the terms of the final increased offer valuing the entire issued and to be issued ordinary share capital of Just Eat at £5.5 billion and represent a premium of 36% to the closing price of 589 pence per Just Eat Share on 21 October 2019.

For more read: Prosus Tables Final Cash Offer to Buy Just Eat

In October, the Euronext and JSE-listed tech giant made a bid of 4.9 billion pounds ($6.35 billion or R94 billion) or 710 pence a share, in cash for Just Eat. For more read: Naspers’ Prosus Makes R94bn Bid For Just Eat

Earlier this month, Prosus raised its terms to 740p a share. The increased offer was at a 25.6% premium to Just Eat’s closing share price on 21 October 2019. For more read: Naspers’ Prosus Ups Offer for Just Eat to R98bn

Prosus boss said today: “We have an outstanding track record of executing M&A at the right price for our shareholders and of generating strong returns.

“Just Eat is not an acquisition we wanted to make at any cost and while we have significant financial capacity, we believe that our final offer of 800 pence per share was appropriate in light of the investment required and preserved our ability to create value for our shareholders.”

Prosus has warned Just Eat shareholders that it is the right owner for Just Eat and its final increased offer provides compelling and certain value to Just Eat shareholders at a further premium to Takeaway.com’s all-share offer, which comes with significant risk


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