Just Eat rejects unsolicited £5b rival offer from investment group Prosus

Just Eat has rejected an unsolicited offer from investment group Prosus saying it “significantly undervalues” the company.

Prosus had made a cash offer of £7.10 a share, above an offer already in progress with Takeway.com of £5.94 a share. The Prosus offer values the delivery company at about £35b.

Recommending shareholders reject Prosus’ offer, the board of Just Eat said it “believes 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.”

Just Eat said it would continue with the merger with Takeaway.com, which it said was based on a “compelling strategic rationale” that would deliver a number of “strategic benefits” and create one of the world’s largest online food delivery platforms.