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Prosus urges Just Eat shareholders to accept its offer, reject Takeaway bid

Tech

AMSTERDAM (Reuters) – Dutch technology company Prosus NV (PRX.AS) on Wednesday urged shareholders of Britain’s Just Eat PLC (JE.L) to accept its unsolicited 4.9 billion pound ($6.3 billion) cash bid for the company by Dec. 10, and spurn an alternative offer as too risky.

“We believe that the Takeaway.com offer underestimates the substantial investment required in Just Eat to recapture market share and improve performance,” Prosus CEO Bob van Dijk said in a statement of the rival proposal.

Takeaway’s all-share offer, which is supported by Just Eat’s board, currently values Just Eat at around 4.7 billion pounds.

Prosus is controlled by South Africa’s Naspers (NPNJn.J) Ltd.

Reporting by Toby Sterling; Editing by Mark Potter