Majority Of Just Eat Investors Will Reportedly Accept Takeaway Bid

In its takeover battle for Just Eat Plc, Takeaway.com NV is reportedly coming close to victory. According to unnamed sources cited by Bloomberg, investors who have over half of the United Kingdom food delivery company’s shares have indicated they would agree to the all-stock offer from Takeaway, which values the firm at roughly $7.8 billion.

According to sources, the preliminary results encompass those who intend to formally tender in the days to come. On Dec. 19, Takeaway said it had acceptances and commitments from investors holding 46.07 percent of the company’s shares. Investors have until Jan. 10 to tender shares.

In order for Takeaway’s proposal to succeed, a majority of shareholders must agree to it. If at least half of them accept, the bid will reign over the competing Prosus NV cash bid.

Takeaway and Just Eat representatives would not comment, per the report, and a Prosus representative noted that she could not offer any immediate comment.

In December, reports surfaced that Takeaway.com and Prosus were both putting up formidable offers for their final bids for Just Eat. Just Eat began downsizing its workforce in July, and the companies started battling for the bid in October.

The prospect of a higher bid sent Takeaway.com shares falling 9 percent, which narrowed the gap between the two bids to just more than 40 pence, per reports on Dec. 20. Prosus’ bid upped the ante from its past offers of 710 pence and 740 pence. Bob van Dijk, the chief executive of Prosus, said the new bid delivered “outstanding and certain value” to Just Eat.

Takeaway.com CEO Jitse Groen said his firm’s new deal would decrease its stake in Just Eat from 48 percent to 42.5 percent in the event that Just Eat were to go with Takeaway.com over Prosus.