Takeaway.com today said it has secured support for its Just Eat takeover offer from a chunk of shareholders, as it flexed its muscles amid a frantic bidding war with Prosus.
The Dutch food delivery firm has tabled an all-share offer worth roughly £4.3bn, which has been recommended by the Just Eat board.
Takeaway said it has now received acceptances representing roughly 13.5 per cent of share capital, and extended the deadline until 27 December.
A source close to Takeaway described the figure as “unusually high”.
It comes after rival bidder Prosus raises its offer from 710p per share to 740p per share, valuing the company at roughly £5.1bn.
However, Just Eat’s board rejected the revised bid, stating that it still “significantly undervalued” the company.
The two suitors have been locked in an escalating war of words over the deal. Prosus has argued that Takeaway has underestimated the challenges in the UK market, while the Dutch delivery firm has played up its experience as an operator.
Investor Cat Rock Capital, which holds a 2.6 per cent stake in Just Eat, has thrown its weight behind the Takeaway offer, and slammed Prosus over its approach to the deal.
“Prosus is insulting the intelligence of Just Eat shareholders by continually drawing comparisons to Grubhub,” said Cat Rock founder and managing partner Alex Captain.
“Grubhub is simply not the market leader in the US. In contrast, Just Eat is multiple times the size of its next largest competitor. This is the difference between night and day.”