FTSE 100 (UKX)

  • Change Today:
  • 52 Week High: 7,674.56
  • 52 Week Low: 4,993.89

Takeaway.com extends Just Eat offer deadline

By Sean Farrell

Date: Thursday 12 Dec 2019

LONDON (ShareCast) - (Sharecast News) - Takeaway.com has exended the timetable for its offer for Just Eat after receiving acceptances representing less than 14% of the food delivery group's shares.

The Dutch delivery group said that at 1300 GMT on 11 December it had received acceptances for 92.5m Just Eat shares representing 13.53% of the company. In response, it extended its offer deadline to 27 December, in line with bid rival Prosus.

Takeaway.com is in a battle with Prosus, a technology investor, to buy Just Eat. The Just Eat board supports Takeaway.com's all-share offer, agreed in August, but Prosus is trying to woo shareholders with a cash offer of £5.1bn.

Liberum analyst Harry Read said the low level of acceptances suggested Takeaway.com would struggle to get the support it needs for its bid.

"While there are a few weeks until the deadline, we remain doubtful the group will reach the required acceptance threshold of 75% given previous investor comments and the terms of the deal representing no premium to current levels and fundamentally undervaluing Just Eat," Read said.

Takeway.com said any further extensions would be announced the morning after the day its offer was due to close. Just Eat shares were little changed at 783.2p at 1014 GMT.

Email this article to a friend

or share it with one of these popular networks:

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.


Price Data

Price 6,007.05
Change Today -42.87
% Change -0.71 %
18-Sep-20 Close 6,007.05

Top Risers

Price Change
FRES 1,343.00p +4.9%
PNN 1,060.50p +4.0%
OCDO 2,817.00p +3.9%
EVR 347.40p +2.2%
SDR 2,840.00p +2.2%
UU. 870.40p +2.1%
TSCO 219.60p +2.0%
SVT 2,457.00p +2.0%
SBRY 195.00p +2.0%
MNG 158.20p +1.4%

Top Fallers

Price Change
IAG 110.55p -14.6%
POLY 1,763.50p -6.2%
RR. 180.15p -5.1%
BDEV 473.90p -5.0%
WPP 599.60p -4.5%
IHG 4,137.00p -4.5%
RSA 479.30p -4.4%
TW. 105.30p -4.4%
JMAT 2,489.00p -4.3%
BLND 350.00p -4.3%

Top of Page