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Just Eat it back to back Takeaway.com the latest offer in the bidding war

LONDON (Reuters) – Just Eat (JE.(L) it supports a permanent, all-share, offer Takeaway.com (TKWY.AND to dismiss a rival cash bid in the amount of Prosus (PRX.AS of Friday, he said a tie-up with take-out meals to make for one of the largest online food delivery companies has been overwhelming.

FILE PHOTO: The app is for the Food, it is displayed on a mobile device, in this posed photograph in London, U.k., August 5, 2019. REUTERS/Toby Melville/File Photo

Pick-up and Prosus to their bid for the British firm on Thursday, with a take-away, the all-share offer, trumping Prosus’ 800 pence-a-share offer, based on the current price of the stock.

“The board of Just Food, is still of the opinion that the combination of Takeaway.com it is based on a compelling strategic rationale that allows the shareholders to participate in the upside potential of the enlarged group, the company said, adding that the decision to return the Food and was unanimously adopted.

The Amsterdam-listed take-away meals, has received valid acceptances and the obligations to deliver to the holders of 46% of the trip on its own power, putting it within touching distance of the 50% plus one share point Prosus.

There’s sugar in an effort to Eat, to the shareholders of the 57.5% of the combined group, which is a 916 pence of value for every Dining common share is based on the Collection of the closing price of a share of 88.90 euros on Wednesday, the day before the increased offer.

Even more, the shares have fallen since, but it’s 78.5 euro to the level they were trading at on Friday they will still offer slightly forward, with an implied value of 809 pence per share.

Analysts at Barclays bank said the take-away, the shares would need to fall below 77 dollars for the implicit offer to be covered Prosus.

While the stock could come under some pressure, she said: “it was a positive” trading comments in its final offer document, you must have a good level of support.

Just eat’s shares to be followed even more drift lower on Friday, trading down 1.1% at 802 pence at 1200 GMT.

Through the process of creating the final bids of the two rival Dutch companies will avoid to take part in an auction just after Christmas.

Just Eat, the shareholders will have up to Dec. 10 to accept or offer.

Even more, the shareholder vote on the offer on Jan. 9.

Just Eat said it is the holding company of the company founder and CEO Jitse Groen, who has a 25% stake, and the company’s managing board had agreed to support the deal.

Edited by David Clarke and Elaine Hardcastle

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