PRX Prosus NV

   By Adria Calatayud 
 

U.K. food-delivery platform Just Eat PLC (JE.LN) said Friday that its board unanimously recommends an improved all-share offer from Dutch peer Takeaway.com NV (TKWY.AE), and rejects a rival all-cash bid from Prosus NV (PRX.AE).

Just Eat said its board believes the final Takeaway offer will deliver greater value to Just Eat shareholders than the final Prosus bid, as Takeaway's proposal is based on a compelling strategic rationale that allows shareholders to participate in the upside potential of the enlarged group.

Just Eat's board had also recommended a previous offer from Takeaway and rejected bids from Prosus.

Just Eat's response comes after its two suitors put in improved offers and declared them final on Thursday, in an escalation of the bidding war for the U.K. company.

Takeaway said its increased bid would give Just Eat shareholders a 57.5% stake in the combined group, up from 52.12% under its previous offer. The Dutch company also said it plans to explore options to exit Just Eat's minority stake in Brazil's iFood--in which Prosus owns a major stake--and return approximately half of the net proceeds to the shareholders of the combined group.

Meanwhile, Prosus raised its cash bid for Just Eat to 800 pence a share from 740 pence a share, valuing the company at 5.5 billion pounds ($7.20 billion).

Both offers will remain open for acceptances until Jan. 10, Just Eat said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

December 20, 2019 06:26 ET (11:26 GMT)

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