The food fight for Just Eat reached its climax today as competing bidders sought to woo the board with last-minute blockbuster offers.
Prosus, the Dutch investment firm, has raised its cash bid to 800p for each Just Eat share, as it attempts to prevent a merger between the food delivery firm and its rival Takeaway.com
Within minutes Takeaway.com increased its own bid for the prized FTSE 100 firm, offering an all-share merger worth 916p.
In October Prosus launched a share cash offer of 710p, but has raised its bid several times to win round the board.
“Just Eat shareholders are urged to accept the Final Increased Offer as soon as possible and, in any event, by no later than 1.00 p.m. (London time) 10 January 2020,” the firm said.
In a statement this afternoon, Prosus chief executive Bob van Dijk said: “We have been very clear from the beginning about our ambition to build the world’s leading Food Delivery business.
He added:“This level delivers outstanding and certain value to Just Eat shareholders while also providing an appropriate return for our own shareholders, given strong levels of competition and significant investment required to reinvigorate growth. We urge Just Eat shareholders to accept this final offer and bring the uncertainty around Just Eat’s future to a close.”