Prosus launches £3.4bn takeover offer for Just Eat in deal ‘milestone'
Prosus, which is majority-owned by South Africa's Naspers, has agreed to pay 20.30 euro (£17.07) a share to buy the takeaway delivery giant.
The firm already owns a 28% stake in Just Eat rival Delivery Hero.
The launch of the offer marks an important milestone in the transaction process Jitse Groen, Just Eat Takeaway.com chief executive
Just Eat Takeaway.com will continue to be based in Amsterdam under its current name and will maintain its key brands following the deal, the firms said.
It comes after the pair provisionally agreed the deal in February amid a flurry of deals in the sector, with UK-listed Deliveroo recently announcing a £2.9 billion takeover by its US rival DoorDash.
Prosus said it would be the fourth largest food delivery group in the world following the takeover.
Jitse Groen, chief executive and founder of Just Eat Takeaway.com, said: 'The launch of the offer marks an important milestone in the transaction process.
'We are excited about the future and the opportunities this brings and recommend that our shareholders tender their shares and vote in favour of the resolutions at the upcoming extraordinary general meeting.'
Fabricio Bloisi, chief executive of Prosus, added: 'Europe is at a pivotal moment to create a new generation of AI-powered tech champions, and this transaction is a unique opportunity to lead that transformation.'
Prosus said it 'does not envisage material reductions in the total workforce of the Just Eat Takeaway Group' following the deal.
Mr Bloisi has previously said he expects to grow the number of full-time workers Just Eat Takeaway.com employs and its number of couriers.
Shareholders in Just Just will vote on the deal at a meeting held on July 8 in Amsterdam.
The planned all-cash offer comes after a difficult past few years for Amsterdam-based Just Eat, which had enjoyed booming business – and a soaring share price – during the pandemic when households were forced to eat at home, but saw trading and its stock price pare bask sharply when lockdowns ended.
Prosus already has a food business spanning 70 countries, with full ownership of Latin American food delivery platform iFood, as well as the stake in Delivery Hero, a 4% holding in global food delivery giant Meituan and a 25% stake in India's recently floated food and grocery delivery platform, Swiggy.
It has had its sights on Just Eat for many years, having lost out to Netherlands-based firm Takeaway.com in the battle to buy Just Eat in early 2020.
Since then, Just Eat bought US food-ordering platform Grubhub in an ill-fated deal, paying 7.3 billion US dollars (£5.8 billion) at the height of the takeaway boom in 2021, only to offload the business for 650 million dollars (£514 million) last November.
Just Eat also delisted from the London Stock Exchange last December to focus on its Amsterdam listing amid cost-cutting efforts.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
24 minutes ago
- BBC News
Chelsea to trim sizeable loan group
Chelsea are open to the fact that they need to sell a host of players, especially those that spent last season on loan. The club's policy is not to carry a large group of loanees that are not expected or likely to make it into the first team. In their 28-man Club World Cup selection, only one loanee progressed into Enzo Maresca squad from last season, midfielder Andrey Santos. The rest, Raheem Sterling, Axel Disasi, Kepa Arrizabalaga, Djordje Petrovic, Armando Broja, Joao Felix, Renato Veiga, Ben Chilwell, Carney Chukwuemeka, Lesley Ugochukwu and more - are mostly available for sale. The asking price for Kepa is known to be only £5m as he enters the last year of his contract, while Benfica are being credited with serious interest to re-sign Felix. In Sterling's case, the winger made 12 starts on loan at North London club Arsenal last season while the Blues paid around half of his current £300,000-a-week loanees like Alfie Gilchrist, Alex Matos, Leo Castledine and Zak Sturge are also exploring permanent transfers away from Stamford Bridge. Defender Sturge, 20, is in advanced talks about making his loan move at Millwall permanent at the end of the season. Chelsea prefer sales rather than loan moves at this stage but could relax their position later in the transfer window if they struggle to find exits for players. Midfielders Kendry Paez and Mathis Amougou are expected to join Strasbourg on loan while goalkeeper Teddy Sharman-Lowe is in talks over a new contract and potentially joining League One club Bolton Wanderers on loan.
The Independent
25 minutes ago
- The Independent
Labour MPs push front bench for ‘crackdown' on ‘dodgy' vape and barber shops
Labour MPs have called for a 'crackdown' on 'dodgy' vape, barber and souvenir shops, which a minister warned 'undermine the legitimate' firms on Britain's high streets. Melanie Onn said she 'really must press' the Government for long-term action to tackle these shops, which MPs heard had links to tax evasion and money laundering, and Joe Powell said well-known London streets such as Portobello Road and Notting Hill Gate are 'blighted'. Business and trade minister Gareth Thomas told MPs that the National Economic Crime Centre (NECC) had visited almost 400 premises during a three-week operation in March, freezing several bank accounts. Mr Powell, the MP for Kensington and Bayswater, told the Commons: 'Small businesses across my constituency on our high streets from Earls Court Road to Queensway, Notting Hill Gate and Portobello Road are fed up of being blighted by candy shops, low-grade souvenir shops, Harry Potter shops and, yes, even barber shops, with accusations of VAT and business rates evasion, and even links to money laundering and serious organised crime.' He urged Mr Thomas to say 'what steps' the Government is taking 'to crack down on these operations and create a legitimate level playing field for our small businesses'. The minister replied: 'We've been working with colleagues in the Home Office and the National Crime Agency (NCA) to take action to crackdown on illegitimate businesses that threaten to undermine the legitimate ones that are on all of our high streets. 'In March, the NECC co-ordinated a three-week crackdown against barber shops and other cash-intensive businesses where there were concerns, visiting almost 400 premises, securing freezing orders over a series of bank accounts totalling more than £1 million.' In response, Ms Onn said: 'I really do need to press him because my constituents in Great Grimsby and Cleethorpes are equally as fed up as (Mr Powell) of seeing high streets dominated by dodgy vape shops, unlicensed barbers.' She said 'some of them are legitimate' but asked: 'Is he working closely with the Home Office to try and tackle this blight because I think we probably need a national strategy, not a three-week operation?' Mr Thomas said he recognised 'a concern up and down the country' and added the NCA and Home Office 'are seeking to take action against illegitimate business'. He said a Government commitment to bolster police forces with 13,000 extra officers and special constables, backed by an uplift to forces' 'spending power' of 2.3% per year unveiled in Wednesday's spending review, 'will help'. In a viral video, Conservative shadow justice secretary Robert Jenrick claimed 'weird Turkish barber shops' were 'chipping away at society', along with fare evasion, when he caught passengers allegedly 'bumping' London Underground ticket barriers on camera. 'The state needs to reassert itself and go after lawbreakers,' he said. Conservative MP Graham Stuart said that if a book which Labour MP for Central Ayrshire Alan Gemmell is writing were a 'political thriller about fighting for small business', then he was 'sure it features five heroes on the front bench opposite, doing everything they can to promote small business'. Ministers laughed and pointed at Tory MPs when Mr Stuart added: 'Readers will ask 'who is the villain of the piece?'' The Beverley and Holderness MP suggested the villain would be Rachel Reeves, 'the Chancellor of the Exchequer who is doing everything possible to undermine business – 276,000 people having lost work since the autumn statement'. He asked: 'When will the ministers, the heroes of this story, fight against the Chancellor who's getting so much so wrong?' Mr Thomas said: 'It's a little while since I've been called a hero by (Mr Stuart) but I'm glad that I've finally had some recognition from him in that regard. 'I don't think the Chancellor of the Exchequer is a villain at all. 'Indeed, I think the spending review that she announced yesterday will help to unlock investment in our high streets and in our small businesses up and down the country – the record investment in research and development, the record investment in infrastructure, and the additional capacity to the British Business Bank will help to unlock billions of pounds of new investment and many more job opportunities across the country.' Labour former minister Liam Byrne later called for 'a plan to cut industrial energy costs now'. The Commons Business and Trade Committee chairman said: 'As our committee pointed out on Friday, the success of the industrial strategy will depend on a plan to cut industrial energy costs now. 'When the industrial strategy is published, will the Secretary of State reassure us that there will be a plan to ensure that UK energy prices are internationally competitive?' Business Secretary Jonathan Reynolds replied: 'The very significant increase in industrial energy prices under the terms of the last government are a significant issue for our competitiveness, and yes, that is something we're seeking to address.'
The Sun
27 minutes ago
- The Sun
Council tax bills set to rise at fastest rate 20 years after Rachel Reeves spending review, economist warns
COUNCIL tax bills are expected to increase at their fastest rate in 20 years following Rachel Reeves' spending review. This prediction comes from Paul Johnson, the head of the Institute for Fiscal Studies (IFS). Johnson said that local government in England received "perhaps a little bit better than it might have expected" from the Chancellor's statement on Wednesday. However, he warned of a "sting in the tail" - the assumption that council tax bills will rise by 5% annually as part of the funding plan. The core spending power of councils is set to increase by 2.6% a year from next year, and "if English councils do choose 5% increases – and most almost certainly will – council tax bills look set to rise at their fastest rate over any parliament since 2001-05", Johnson said. On Wednesday, Ms Reeves said that ministers will not be "going above" the 5% annual increases in council tax. She told ITV: "The previous government increased council tax by 5% a year, and we have stuck to that. We won't be going above that. "That is the council tax policy that we inherited from the previous government, and that we will be continuing." The NHS was the biggest winner from Wednesday's announcement, which allocated £300billion to public services. Its budget will increase by £29billion a year in real terms. Billions of pounds was also allocated to regional infrastructure projects, £39 billion was set aside for social housing, and defence spending was confirmed to increase by £11billion. The Home Office will get less money in the coming years, even though there are promises to hire more police officers and reduce crime. How to challenge your council tax band Treasury documents reveal that Home Office spending will drop by 1.4% per year between 2025-26 and 2028-29, one of the largest cuts among departments. However, Reeves stated that police spending power would still rise by 2.3%, potentially through increased council tax, though the exact amount is unclear. Johnson said yesterday on X (formerly Twitter): "Note wording on police funding. Increase in 'spending power' implies that higher precepts from local taxes will play their part." Ruth Curtice, head of the Resolution Foundation, echoed this view. She pointed out that low and middle-income families had gained from the spending review, with the poorest fifth getting an average of £1,700 extra for services like schools, hospitals, and the police. However, she warned that without economic growth, more tax rises could be on the way this autumn to balance the books. This comes after the Office for National Statistics (ONS) revealed that the economy shrank more than expected in April, marking the biggest drop in 18 months. GDP dropped by 0.3%, driven by a sharp decline in manufacturing and a record fall in exports to the US after tariff hikes by President Donald Trump. Speaking after delivering her spending review yesterday, Ms Reeves insisted she would not have to raise taxes to cover her spending review. What council tax support is available? By James Flanders, Chief Consumer Reporter There are several ways you can get discounts and reductions on your council tax bill. In some cases, you can even get the bill completely wiped with a council tax reduction. Factors such as your household income, whether you have children, and if you receive any benefits, will influence what you get. To apply, visit here. You'll need your National Insurance number, bank statements, a recent payslip or letter from the Jobcentre, and a passport or driving licence when filling out the details. Below, we reveal all the ways you can get discounts or a reduction on your bill: Single person discount If you live on your own, you can get 25% off your council tax bill. This also applies if there is one adult and one student living together, or one adult and one person classed as severely mentally impaired. If you live with someone who doesn't have to pay council tax, such as a carer or someone who is severely mentally impaired, you could get a larger reduction too, of up to 50%. And, if you live in an all-student household, you could get a 100% discount. Retirees Pensioners may also find themselves eligible for a council tax reduction. If you receive the Guarantee Credit element of Pension Credit, you may not have to pay a penny. If not, you could still get help if you have a low income and less than £16,000 in savings. And a pensioner who lives alone will be entitled to a 25% discount too. Low-income households If you are on a low income or receiving benefits, you could be eligible for a reduction on your council tax, depending on where you live. You could also get a deferral if you're struggling to pay your bill, or you can speak to your council about setting up a payment plan to manage the cost. But one thing to remember is if you are struggling you should contact your council as early as you can. How are council tax bills calculated? In England, local authorities can increase council tax by up to 4.99% each April without holding a referendum. This is broken down into a 2.99% increase for general spending and a 2% precept for adult social care. Any increase above this 4.99% limit requires a local referendum to gain public approval. In areas governed by 'two-tier authorities', where responsibilities are divided between two councils, your council tax bill is split into two charges - one set by your county council and another determined by your district, borough, or city council. The proportion of your bill allocated to each council varies depending on the authority, though county councils typically claim the largest share. District councils are permitted to increase their portion of the charge by up to 3% annually without the need for a referendum However, these charges have been excluded from our dataset. In addition to the above charges, your council tax also includes contributions towards local police and crime commissioners, fire and rescue services, as well as any applicable town or parish council charges. Councils typically finalise their council tax increases by early March, with the new rates coming into effect from April 1. Check if you can claim a council tax refund Over three million households are owed a combined total of £544million in council tax refunds, according to a Sun investigation. The average refund due is around £178, but some could be owed as much as £3,659. Sun Money submitted a Freedom of Information Request to all 349 local authorities in England, Scotland and Wales to find out just how much taxpayer money our councils are sitting on. You can check to see how much cash your local authority might be sitting on by searching for your council in our tool. It's surprisingly easy to overpay your council tax, and millions of us do. One of the main reasons is moving house. Council tax is usually billed annually from April to April, but paid in instalments, which means you're always paying some in advance. Therefore, if you move out before the year's end, you'll likely be due a refund for the remaining months. Another reason for overpayments is a change in your property's council tax band. If the band is lowered, you're due a refund for the over payments made at the higher rate. Finally, forgetting to cancel your direct debit after moving out can lead to continued payments and further overpayments. Finding out if you're owed a council tax refund is easier than you think. Many councils have online claim forms available on their website. To find your local council's site, visit here. You can also contact them directly by phone, email, or live chat.
