Just Eat Takeaway JET and Prosus agree on € 20.3ps all cash offer for 100% of the shares
This morning, Prosus and JET announced that they have agreed on a recommended all cash off for 100% of JET shares at a price € 20.30 ps, or the equivalent of € 4.1bn. The acquisition represents a 63% premium to Friday's closing price and 49% premium over the 3-month VWAP. Board members holding shares and CEO Jitse Groen, who represent 8.1% of the shares, have committed to tender their shares in the offer. Overall, we believe the offer makes sense as JET's EU market exposure is complementary to Prosus international footprint. As such, we do not expect major regulatory hurdles. Pending the regulatory approvals, the settlement is expected by year end. Although we still await the prospectus, we believe the offer looks fair as it represents a 12.8% premium to our TP of € 18.0 ps.Takeaway.com NV. Takeaway.com NV, formerly Takeaway Com Holding BV, is a company based in the Netherlands that operates an online food delivery marketplace. The Company focuses on connecting consumers and restaurants, and allows users to order food from nearby restaurants and have the food delivered to their homes. The Company transmits the order placed by customers and forwards it to restaurants, which prepare and deliver the meal. It is present in Portugal, France, Switzerland, Austria, Luxembourg, Belgium, the Netherlands, Germany, Poland, Bulgaria, Romania and Vietnam, and operates the Websites Lieferando.de, Lieferservice.at, Lieferservice.ch, Pizza.be, Pizza.fr, Pizza.lu, Pizza.pl, Pyszne.pl, BGmenu.com, Oliviera.ro, Takeaway.com, Thuisbezorgd.nl and Vietnammm.com. The platforms feature various kinds of restaurants.
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