Just Eat advises shareholders not to accept Prosus offer

FILE PHOTO: The app for Just Eat is displayed on a smartphone in this posed picture in London, Britain, August 5, 2019. REUTERS/Toby Melville/File Photo

LONDON (Reuters) – Britain’s Just Eat (JE.L) advised shareholders not to accept a 710 pence-a-share cash offer from Prosus (PRX.AS), saying it was inferior to its agreed deal with Takeaway.com (TKWY.AS) to create the largest food delivery player outside China.

“Your Board believes that the Takeaway.com combination provides Just Eat shareholders with greater value creation than the Prosus offer,” it said in a letter to investors on Monday, adding that the Prosus offer also significantly undervalued Just Eat on a standalone basis.

Reporting by Paul Sandle; editing by Kate Holton

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