Prosus sent an offer document to Just Eat shareholders on Monday and urged them to accept the offer by no later than December 11. Photo: Reuters

DURBAN – Prosus, the international internet assets division of Naspers, has confirmed its cash offer of £4.9 billion (R92.81bn) to acquire the UK online food delivery service Just Eat, and lowered the level of shareholder approval it required for the offer from 90 percent to 75 percent. 

Prosus sent an offer document to Just Eat shareholders on Monday and urged them to accept the offer by no later than December 11. 

Prosus chief financial officer Basil Sgourdos said the 710 pence a share offer for Just Eat was a fair price as it represents a 20 percent premium to its rival bid of Takeaway.com. 

“We believe our offer represents a fair value and we are excited about the prospects of adding Just Eat into our portfolio. Prosus believes that the offer is attractive and fair for a business that requires substantial investment to defend its position and capitalise on its long-term opportunity,” Sgourdos said. 

He added that the offer was an important step towards achieving Prosus’s ambition to build the world’s leading food delivery business. 

“Through this proposed acquisition, Prosus will back Just Eat’s management team and employees and support the next phase of Just Eat’s development. Prosus has the conviction and the financial resources to invest in Just Eat’s product, technology, marketing and own-delivery capabilities and help Just Eat achieve its long-term potential, while also targeting an appropriate risk adjusted return on invested capital for Prosus shareholders,” Sgourdos said. 

Meanwhile in another development by Prosus, its classified business OLX Group announced its intention to increase its ownership in online car marketplace Frontier Car Group (FCG) and becoming the company’s largest shareholder. 

OLX Group will invest up to $400 million (R5.93bn), consisting of a primary injection of capital in FCG and the contribution of OLX’s joint-venture shares in India and Poland, as well as the acquisition of shares held by other investors, founders and management, subject to a tender offer process. 

Prosus shares closed 0.47 percent lower at R1 020.23 on the JSE on Monday.

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