Just Eat advised shareholders to stick with an all-share combination with Takeaway, rejecting Prosus’s improved bid on Tuesday. Picture: BLOOMBERG/SIMON DAWSON
Just Eat advised shareholders to stick with an all-share combination with Takeaway, rejecting Prosus’s improved bid on Tuesday. Picture: BLOOMBERG/SIMON DAWSON

While Prosus and Takeaway.com battle it out in bids to acquire UK food delivery firm Just Eat, Prosus has won the Amsterdam listing war.

The Dutch benchmark AEX index will kick out Takeaway and replace it with Prosus in its next quarterly review, the exchange operator Euronext said in a statement late on Tuesday.

Takeaway will join the mid-cap AMX index, at the expense of TomTom. Takeaway delivered the latest salvo of the heated takeover battle on Wednesday, saying in a statement that Prosus has no operational experience in food delivery markets and has “concocted a far-fetched valuation” of the combined group in order to buy it on the cheap, while rejecting a characterisation of its own bid as “value destructive”.

Just Eat has advised shareholders to stick with an all-share combination with Takeaway, rejecting Prosus’s improved bid on Tuesday.

Naspers subsidiary Prosus on Tuesday sweetened its offer to 740p, having previously offered 710p a share, or £4.9bn  in October.

Just Eat said the revised Prosus offer of £5.1bn (R98.32bn) failed to reflect the quality of the company’s assets and prospects, as well as the benefits of first-mover advantage in a consolidating sector.

Inclusion in larger indexes such as the AEX attracts investment from tracker funds that seek to mirror the performance of the gauge.

Jefferies, the only bearish broker on Prosus until last week, noted potential further index buying into 2020 as part of its rationale for upgrading the stock to hold. The changes to the Dutch gauge will be effective from December 23.

Meanwhile, Prosus said on Tuesday that Spain’s competition authority gave its bid for Just Eat the go-ahead. 

Prosus said Spain was the only country where Just Eat’s market share warranted competition clearance.

“We are pleased to have cleared the competition hurdle which further underlines the certainty and deliverability of our superior cash offer of 740p per share to Just Eat shareholders,” said Prosus group CEO Bob van Dijk.

Prosus seeks to build a bigger food delivery business to take on Silicon Valley company Uber Eats and Amazon-backed Deliveroo.

Bloomberg