Prosus offer for Just Eat ‘unfair’: asset manager

Published: 2025-04-02 11:50 +02:00 by Agency Staff tag: Retail and e-commerce

BDL Capital Management considers the price Prosus offered for Just Eat Takeaway.com to be unfair to minority shareholders.

BDL Capital Management considers the price Prosus offered for Just Eat Takeaway.com to be unfair to minority shareholders, the Paris-based asset manager said in a report on Tuesday.

In late February, the Dutch technology investor, which is controlled by South Africa’s Naspers, agreed to buy Just Eat Takeaway for €20.30/share to create a “European tech champion” of food delivery.

The price should be €56.10/share based on BDL’s fair-value calculation, it said in the report published on its website. BDL holds 2.04% in Just Eat Takeaway, according to LSEG data.

Prosus agreed to buy Just Eat Takeaway to create a ‘European tech champion’ of food delivery

This price was calculated by analysing enterprise value-to-gross transaction value (EV/GTV) and EV-to-Ebitda multiples in past Just Eat transactions, other transactions in the sector and for listed peers, BDL said.

It also took into account Just Eat’s 2025 guidance, its “intrinsic” value and possible synergies which it estimated at more than €100-million/year.

“Just Eat Takeaway.com believes that Prosus has made a compelling offer representing an attractive cash premium to Just Eat Takeaway.com’s shareholders, as well as favourable non-financial terms and commitments in respect of deal certainty,” Just Eat said via e-mail.

Read: Koos Bekker offloads R3-billion in Prosus shares

Get breaking news from TechCentral on WhatsApp. Sign up here .

Don’t miss:

Prosus in blockbuster R79-billion Just Eat acquisition

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.