BDL says Prosus' offer for Just Eat Takeaway is unfair to minority shareholders

Just Eat Takeaway.com NV

02/04/2025 08:02

April 2 (Reuters) - BDL Capital Management said in a report on Tuesday that the price Prosus PRX.AS offered for Just Eat Takeaway.com TKWY.AS was unfair to minority shareholders.

In late February, Dutch technology investor Prosus agreed to buy Just Eat Takeaway for 20.3 euros per share to create a "European tech champion" of food delivery.

The price should be 56.1 euros per share based on BDL's fair value calculation, it said in the report published on its website. The Paris-based asset manager holds 2.04% in Just Eat Takeaway, according to LSEG data.

This price was calculated by analysing enterprise value-to-gross transaction value (EV/GTV) and EV-to-EBITDA multiples in past Just Eat transactions, other transactions in the sector and for listed peers, BDL said.

It also took into account Just Eat's 2025 guidance, its "intrinsic" value and possible synergies which it estimated at more than 100 million euros ($107.9 million) a year.

Prosus and Just Eat did not immediately respond to Reuters' request for comment.

($1 = 0.9266 euros)

(Reporting by Michal Aleksandrowicz in Gdansk; editing by Milla Nissi)

((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))