European Event-Driven Analyst

Patryk Basiewicz

PGB Research

Event-Driven

On September 22, Prosus made an offer for <a href="https://www.smartkarma.com/entities/just-eat-plc" target="_blank" data-smartkarma-citation="entities:22014:1" rel="noopener">Just Eat PLC (JE/ LN)</a> at 710p per share or c. 20% above Just Eat’s closing share price on the previous day and the price implied by the Takeaway.com bid. Prosus' bid is hostile.
Currently, the spread is trading though the terms at c. 3.8%, implying a further bump from <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> or <a href="https://www.smartkarma.com/entities/takeaway-com-nv" target="_blank" data-smartkarma-citation="entities:28360:1" rel="noopener">Takeaway.com NV (TKWY NA)</a>, or a counterbid from a third party. Note that once Just Eat is taken over then entry into the UK (and other Just Eat’s markets) will be very difficult in the future. So there is a good reason to think that other players are looking at the further bid.
Below I analyse who could enter the fray. Also, I discuss implications of the CMA’s recent order with regards to Amazon/Deliveroo deal.

On September 22, Prosus made an offer for Just Eat PLC (JE/ LN) at 710p per share or c. 20% above Just Eat’s closing share price on the previous day and the price implied by the Takeaway.com bid. Prosus' bid is hostile.
Currently, the spread is trading though the terms at c. 3.8%, implying a further bump from Prosus (PRX NA) or Takeaway.com NV (TKWY NA), or a counterbid from a third party. Note that once Just Eat is taken over then entry into the UK (and other Just Eat’s markets) will be very difficult in the future. So there is a good reason to think that other players are looking at the further bid.
Below I analyse who could enter the fray. Also, I discuss implications of the CMA’s recent order with regards to Amazon/Deliveroo deal.

Just Eat (JE/ LN): Who Else Can Enter the Bidding War?

United Kingdom

Just Eat Takeaway.com N.V. is an online food ordering company. The Company offers mobile application for ordering and delivering of food and beverages. Just Eat Takeaway.com serves customers worldwide.

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Just Eat Takeaway.com NV (TKWY NA)

Just Eat (JE/ LN): Who Else Can Enter the Bidding War?

On September 22, Prosus made an offer for Just Eat PLC (JE/ LN) at 710p per share or c. 20% above Just Eat’s closing share price on the previous...

Patryk Basiewicz

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52-week Range

Market Cap (USDm)

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