Just Eat takeover battle heats up as rivals make new bids

The battle for control of Just Eat has intensified after fresh rival bids for the UK food delivery business. Takeaway.com of the Netherlands upped its all-share merger offer to a deal worth 916p a share.

The offer, which would create one of the biggest food delivery groups in the world, values Just Eat at nearly £6.3bn, up from a previous bid in the summer that valued the company’s shares at 731p each.

Prosus, the Amsterdam-listed offshoot of the South African technology group Naspers, had earlier raised its all-cash bid by £400m to £5.5bn, or 800p a share. The company previously made 740p- and 710p-per-share bids.

Takeaway.com’s offer would hand Just Eat shareholders a 58% stake in the merged company, up from 52% as previously offered. It is also offering to sell Just Eat’s stake in the Brazilian delivery company iFood, which Just Eat owns in partnership with Prosus, and return half of the proceeds to shareholders.