Prosus lowers shareholder approval threshold in Just Eat bid

Consumer internet firm lowers shareholder approval to 75 per cent as it competes against Takeaway.com

                                

Johannesburg and Amsterdam-listed consumer internet firm Prosus has lowered the acceptance threshold for online takeaway delivery platform Just Eat, as it competes against Takeaway.com to buy the British company.

Just Eat had previously agreed on the terms of a £4.7bn ($6.1bn, €5.4bn) all-share deal prompting Prosus to offer an unsolicited cash offer of $6.3bn, or 710 pence per share at the end of October.

This was noted as a 20 per cent premium to Takeaway.com’s offer of 594p per share.

Prosus has now lowered the threshold for shareholder approval to 75 per cent from 90 per cent.

It said a fall in the value of Takeaway’s offer since it was announced, due to a drop in the firm’s share price and currency moves, meant investors should accept its terms, Reuters reported.

In August, online takeaway platforms Takeaway.com and Just Eat proposed an all-share combination to create one of the largest food delivery companies in the world with a market capitalisation around €10bn and processing orders worth more than €7bn per year.

Prosus is the arm of South African internet group Naspers.

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