Prosus’ delivery M&A makes most sense as a starter

Just Eat Takeaway.com NV

24/02/2025 12:12

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Aimee  Donnellan
       LONDON, Feb 24 (Reuters Breakingviews) - The $105 bln
investor is paying $4 bln for Just Eat Takeaway.com. Prosus
shares fell, perhaps due to the target’s past struggles and the
absence of immediate synergies. But if the Dutch group used its
Delivery Hero stake to drive a tie-up with Just Eat it might
create more value.
    
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    CONTEXT NEWS
    Dutch technology investor Prosus said on February 24 it
intended to buy Just Eat Takeaway.com to create a "European tech
champion" of food delivery.
    Prosus plans to acquire the company's entire share capital
for 4.1 billion euros ($4.31 billion) in an all-cash public
offer on the Amsterdam exchange.
    The group, majority-owned by South Africa's Naspers, is
offering 20.30 euros per share. The offer is unanimously
supported by Just Eat's management and supervisory board.
    Prosus already holds a 28% stake in food delivery company
Delivery Hero.
    Shares in Just Eat were up 53% to 19 euros by 0838 GMT on
February 24. Prosus shares were down 7.6%.

 (Editing by George Hay and Streisand Neto)
 ((For previous columns by the author, Reuters customers can
click on  DONNELLAN/ 
Aimee.Donnellan@thomsonreuters.com))