Report
Michiel Declercq

Just Eat Takeaway Prosus launches offer

Following the agreement on February 24th between Prosus and JET to acquire 100% of JET shares at € 20.30ps, Prosus officially launched the all cash offer today, with the offer period starting on May 20th 2025. The offer will be declared unconditional if the acceptance reaches 95%. The 95% threshold will be reduced to 80% if the Post-offer restructuring resolutions are adopted by the AGM on July 8th 2025. These restructuring resolutions imply and asset sale and liquidation event which would result in a payment per share equal to the offer price. In case the above thresholds are not met, the offeror may unilaterally lower the acceptance threshold of to offer to 67%. We change our rating from hold to “accept the offer” and increase our TP from € 19.5 to € 20.3ps.
Underlying
Just Eat Takeaway.com N.V.

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.

Provider
KBC Securities
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Analysts
Michiel Declercq

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