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Yesterday Prosus, which is controlled by Naspers, announced that it had made an offer of 4.9bn GBP for UK listed Just Eat. This represented a 20% premium to Monday's closing price. To put that into perspective, that is the same market cap as Shoprite.
Just Eat is also in the middle of merger talks with Takeaway.com. But it get's more complicated. Delivery Hero has a stake in Takeaway.com. Prosus owns 22% of Delivery Hero.
The Just Eat board has rejected the Prosus offer so we will have to wait and see what the shareholders say.
This deal would make Prosus the biggest online food delivery business in the world. There are also not many geographic overlaps between the two companies, which of course suits them well.
Prosus and Naspers have clearly earmarked food delivery as a massive opportunity. We certainly agree in this office. The amount of Uber Eats delivery men I see walking around our office building is unreal. Who needs to go get lunch at work anymore? We will keep you updated as the deal progresses.
