Just Eat rejects £5.1bn increased offer

Food delivery group, Just Eat has today rejected the offer of £5.1bn from South Africa firm, Naspers - through Prosus, its investment vehicle, as the battle with Takeaway.com escalated to see which company can to win over the company’s shareholders.

Prosus had increased its offer for Just Eat, to 740p from its previous 710p, and reduced the level of acceptances to a simple majority (50% +1), “thereby significantly increasing deal certainty”, having listened to Just Eat shareholders.

The offer from Dutch-listed Takeaway.com values Just Eat at around 691p a share at current exchange rates, Financial Times calculations show.