Takeaway.com (AMS: TKWY) are changing the approach they take to formalize their stance on a potential merger deal with London based (LON: JE).
Only a few weeks back, it was reported that the deal was hampered by an approach from which threatened its proposed merger with allies Takeaway.com.
This morning, it seems that Takeaway.com are changing their approach, to buy the food delivery rival in an attempt to steer away any further Prosus (JSE: PRX) approach.
Takeaway.com and Just Eat had previously agreed the terms of a recommended all-share combination through a court sanctioned scheme of arrangement.
Additionally, Takeaway.com had told shareholder firm Delivery Hero (ETR: DHER) to abstain on the Just Eat vote, saying that “Delivery Hero’s own market position as well as Prosus’ position as the largest shareholder in Delivery Hero in itself gives rise to a conflict of interest,”
Delivery Hero also added “Prosus’ recent announcement of an unsolicited offer for Just Eat with the intention to make both Just Eat and Delivery Hero part of its global Food Delivery business adds to this.Delivery Hero must abstain from voting on any matters relating to the combination in the upcoming EGM,”
Just Eat has recommended that shareholders accept the Takeaway.com offer, despite an unsolicited bid from Prosus last week.
The Dutch firm is looking at a deal to buy Just Eat through an offer with an shareholder acceptance offer of 75%, meaning that this change will add both solidarity and certainty in completing the deal.
Jitse Groen, chief executive of Takeaway.com, said: “We believe that the Just Eat Takeaway.com combination offers its shareholders a future value far superior to both Just Eat and Takeaway.com separately, and to the recent cash offer made by Prosus in particular. With this switch, we provide additional deal certainty to the Just Eat shareholders.”
Just Eat rejected the £4.9 billion cash offer in favor of the deal reached in August with Takeaway.com.
Interestingly, shareholders of Just Eat have been quick to express concerns that the value of the deal be reduced as after Takeaway.com’s share price suffered as rival firm Delivery Hero sold off shares.
Shares of Just Eat are trading at 793p per share (+0.29%). 4/11/19 10:33BST.