Just Eat soars as fresh bid sets up takeover battle

just eat

Shares in Just Eat (JE) have soared after technology investor Prosus (PRX.AS) tabled a £4.9 billion bid for the takeaway delivery firm at 710p a share, topping an offer from Dutch rival Takeaway.com (TKWY.AS).

The stock jumped 24% to 731.8p, higher than the Prosus offer, as investors anticipated a takeover battle. The all-cash bid is well above the 594p-per share value of Takeaway.com’s offer, an all-share deal that has drifted from its initial 731p per share price as shares in the Dutch group have fallen.

Just Eat has recommended investors accept the all-share Takeaway bid, and issued a stock market announcement rejecting the offer from Prosus, a spin-off from South Africa’s Naspers (NPNJn.J).

‘The board of Just Eat has considered the terms of the Prosus offer and believes that it significantly undervalues Just Eat and its attractive assets and prospects both on a standalone basis and as part of the proposed all-share combination with Takeaway.com,’ it said.

The FTSE 100 rose 23 points, or 0.3%, higher to 7,186, with TUI (TUIT) the heaviest faller, down 5.5% at £10.07 as analysts at Morgan Stanley cut their rating on the travel group to ‘equal weight’ from ‘overweight’.


Reckitt Benckiser (RB)  fell 1.6% to £57.79 as the consumer goods giant cut full-year sales guidance.

The pound dipped against the dollar, down 0.1% at $1.2942 as MPs prepare to vote on the government’s Brexit withdrawal bill and its timetable for approving the legislation, which would enable the UK to leave the EU by 31 October.

‘Calculations suggest the prime minister may well have the numbers to win the first vote, the second is a bit dicier,’ said Spreadex analyst Connor Campbell.

Neil Wilson, analyst at Markets.com, said if prime minister Boris Johnson failed to win MPs’ backing the pound ‘could get spun back to $1.25 in short order’.

‘If it passes, a breach of $1.32 and… a push to $1.34 seems likely,’ he said.

Looking for an online food ordering and delivery platform with fabulous features and site similar to Justeat, Food Panda, swiggy, Postmates etc?

Food Ordering Script

Comeneat is the right solution. Comeneat is an online food Order and Delivery platform launched by Roamsoft with a drive to connect the customers to the Restaurant. The process of taking online food orders and delivery is simplified by utilizing this platform.

Source: https://citywire.co.uk/new-model-adviser/news/just-eat-soars-as-fresh-bid-sets-up-takeover-battle/a1284196

label, , , , , , , , , ,

About the author

Add a Comment

Your email address will not be published. Required fields are marked *