Hunger pangs

3 September 2019 By Karen Kwok Follow @KarenKKwok

A top investor in the UK food-delivery group says it will vote against Dutch peer Takeaway.com’s all-share bid, now worth 5.1 bln pounds. A higher price could be needed to seal the deal. But with no rival bidder in sight, Takeaway CEO Jitse Groen can wait until the last minute.

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U.S. asset management firm Eminence Capital on Sept. 3 said it would vote against Takeaway.com’s offer for UK food-delivery peer Just Eat.

Eminence, a 4.4% Just Eat shareholder, said the financial terms of the deal were "grossly inadequate to Just Eat shareholders despite a sound strategic rationale for the merger". It said Takeaway.com’s offer, which represents a 15% premium to Just Eat’s undisturbed value on July 26, is “highly opportunistic."

Just Eat’s board on Aug. 5 agreed an all-share offer from Takeaway.com. The terms of the combination imply a value of 7.31 pounds per Just Eat share, based on Takeaway.com's closing share price of 83.55 euros on July 26, valuing the British company at nearly 5 billion pounds.

Takeaway.com shares were down almost 3% on Sept. 3 at 0815 GMT.

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