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Prosus lowers threshold for its rival Just Eat bid

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By Reuters
Prosus lowers threshold for its rival Just Eat bid
FILE PHOTO: The app for Just Eat is displayed on a smartphone in this posed picture in London, Britain, August 5, 2019. REUTERS/Toby Melville   -   Copyright  Toby Melville(Reuters)

LONDON (Reuters) – Netherlands-based Prosus <PRX.AS> has tweaked its offer for online takeaway delivery platform Just Eat <JE.L>, lowering the acceptance threshold for investors as it battles to buy the British company.

Just Eat had previously agreed on the terms of a 4.7 billion pound ($6.1 billion) all-share deal that prompted internet giant Prosus to weigh in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, setting an increasingly fractious contest in motion.

Prosus on Monday published its cash offer document and lowered the threshold for shareholder approval to 75% from 90%. It said a fall in the value of Takeaway’s offer since it was announced, due to a drop in the firm’s share price and currency moves, meant investors should accept its terms.

Prosus is a Dutch internet conglomerate that was spun out of South Africa’s Naspers <NPNJn.J>.

(Reporting by Paul Sandle; editing by Kate Holton)