Prosus and Takeaway.com trade blows in battle for Just Eat
The two companies competing to take over food delivery firm Just Eat were locked in a war of words today as they vied to win the favour of shareholders.
Prosus said the bid made by rival Takeaway.com represented “significant risks” and underestimated how competitive the British market was.
Read more: Takeaway.com boss has no plans to increase £4.3m Just Eat bid
Prosus, which is controlled by South African investment giant Naspers, said Takeaway’s offer “takes a narrow view of the food delivery sector based principally on its experience in the Netherlands and Germany”.
These markets “have so far been relatively insulated” from competition of the likes of Uber Eats and Deliveroo, it added.
Takeaway hit back at the claims, saying it had become the largest operator in seven of its markets “fighting the same competitors Just Eat faces in the UK”.
Just Eat’s board has recommended Takeaway’s all-share offer, which will run until 11 December. However, Prosus has since tabled a higher bid that valued the company at roughly £4.9bn.
Takeaway has emphasised its experience in the sector, and has argued that it would create a global delivery powerhouse with significant cost savings.
“Being an operator is clearly different from being a financial investor,” it said in a statement to Reuters.
Read more: Takeaway.com admits Just Eat offer ‘not particularly appealing’
The latest clash comes after a two-week period of gains for Takeaway’s shares, which has raised the value of its offer and whittled away Prosus’s advantage.
Prosus’s offer also ends on 11 December and both bids are conditional on receiving 75 per cent of shares.
Main image credit: Getty