Just Eat sticks by Takeaway.com deal as Prosus lowers acceptance threshold

Just Eat reaffirmed its commitment to a merger with Takeaway.com on Monday after Prosus tweaked its offer for the London-listed takeaway delivery platform, lowering the level of required acceptances from shareholders.

Just Eat pointed out that the financial terms of the offer from Prosus - which was spun off from South African conglomerate Naspers - were unchanged and significantly undervalue the company on a standalone basis and as part of the proposed recommended all-share combination with Takeaway.com.

"The board of Just Eat believes that the Takeaway.com combination is based on a compelling strategic rationale that will deliver a number of strategic benefits and greater value creation to Just Eat shareholders than the terms of the Prosus offer.

"Accordingly, the board of Just Eat continues to unanimously recommend the Takeaway.com combination to Just Eat shareholders."

The statement came after Prosus lowered the shareholder approval level for its offer to 75% from 90%.

Just Eat and Amsterdam-listed Takeaway.com announced in August that they had agreed the terms of a £4.7bn all-share merger.

At 1340 GMT, Just Eat shares were down 0.2% at 736.40p.