Just Eat into merge along with Takeaway.Com As Naspers loses outCNN #Dow_JonesJanuary 14, 2020
The company’s Amsterdam-listed business unit Prosus ( PROSY ) will no longer try to buy Just Eat ( JSTTY ) after its offer lapsed, Prosus said in a statement Friday.
The acquisition attempt received virtually no support from the UK online food delivery company’s shareholders.
Prosus twice increased its hostile bid for Just Eat , the purchase of which CEO Bob Van Dijk previously said would be a “meaningful step” to realizing its goal of becoming the “world’s leading food delivery business.”
Prosus’ online food delivery empire spans 41 countries and includes stakes in Europe’s Delivery Hero, iFood in Brazil and India’s Swiggy.
It’s a setback for the tech investment company, which is trying to prove that its dealmaking ability extends beyond a lucrative punt on Tencent, of which its parent Naspers was an early backer.
Naspers created Prosus when it spun out its 31% stake in the Chinese internet company, along with its other tech investments in September.
“We have an outstanding track record of executing M&A at the right price for our shareholders and of generating strong returns,” Van Dijk said in a statement on Friday.
Just Eat will instead merge with Dutch rival Takeaway.com in an all-stock deal.
Takeaway.com CEO, Jitse Groen, who will lead the new entity, described the merger as a “dream combination” in a statement Friday.
Individuals holding more than 80% of Just Eat shares had voted in favor of the deal, he said.
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