By Adriano Marchese

Just Eat PLC (JE.LN) said Tuesday that it has rejected the latest Prosus N.V. (PRX.AE) takeover bid, and that it continues to recommend that shareholders accept the Takeaway.com N.V. (TKWY.AE) offer.

The company said the board continues to believe the 740-pence-a-share offer by Prosus significantly undervalues Just Eat and its assets and prospects, both on a standalone basis and as a part of the proposed combination with Takeaway.com.

The board also said that it continues to believe that the Takeaway.com combination is based on a compelling strategic rationale that allows shareholders to participate in the upside potential of the enlarged group, and will deliver greater value creation than the Prosus offer.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 10, 2019 02:28 ET (07:28 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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