EDITORIAL: Looming bidding war for Just Eat a test of Naspers’s prudence

Going, going, gong: Naspers CEO Bob van Dijk strikes the gong to signify the opening of trading for the debut of the Prosus unit of Naspers at the Amsterdam Stock Exchange. Picture: BLOOMBERG/JASPER JUINEN

The 710p per share offer, which was swiftly rejected by Just Eat’s board as being too low, comes after Just Eat had agreed to an all-share tie-up with Dutch rival Takeway.com, whose proposal valued Just Eat’s shares at 731p each, based on the suitor’s share price when the deal was announced in July.

Furthermore, a tie-up with Takeway.com would make Just Eat shareholders owners of more than 52% of the a bigger, merged entity. However, the cash offer might not be enough to convince shareholders to vote down the Just Eat-Takeway.com tie-up, if the British company’s share price is anything to go by. The stock rose nearly 2% on Wednesday, adding to a more than 24% surge notched up the previous day and shooting past the Prosus bid to just more than 745p. In fact, Just Eat investor Cat Rock Capital, which owns roughly 3% of the company, has already dismissed Prosus’s offer, saying it “dramatically undervalued” the company.

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