AMSTERDAM: Prosus N.V., through its subsidiary MIH Bidco Holdings B.V., has announced a recommended public offer to acquire Just Eat Takeaway.com N.V. (JET) for €20.30 per share in cash, valuing the European food delivery giant at approximately €4.1 billion.
The offer represents a 63% premium to JET’s closing share price on Feb. 21, 2025, and a 49% premium over its three-month volume-weighted average price (VWAP). The boards of both companies have unanimously recommended the deal, which is expected to close by the end of 2025.
Key Details of the Offer
– Offer Price: €20.30 per share (cum dividend), or equivalent in U.S. dollars for American depositary shares (ADSs).
– Acceptance Period: Shareholders can tender shares from May 20 to July 29, 2025.
– EGM: Just Eat Takeaway.com will hold an extraordinary general meeting (EGM) on July 8, 2025, to discuss the offer.
– Ownership Thresholds: If Prosus acquires 95% or more of JET’s shares, it will initiate a squeeze-out to gain full control. If ownership falls between 80% and 95%, Prosus plans an asset sale and liquidation to secure the remaining stake.
Prosus, a global investor in food delivery and e-commerce, sees the acquisition as an opportunity to create an “AI-powered European food delivery champion.” The company highlighted its success in scaling Brazil’s iFood using artificial intelligence to optimize logistics and improve customer experience—a strategy it intends to replicate with JET.
“Europe is at a pivotal moment to create a new generation of AI-powered tech champions,” said Fabricio Bloisi, CEO of Prosus. “With Prosus’s technical expertise and JET’s strong market position, this deal will create tremendous value for customers, drivers, and shareholders.”
Jitse Groen, CEO and founder of Just Eat Takeaway.com, endorsed the offer, stating, “We are excited about the future and recommend shareholders tender their shares and vote in favor of the deal.”
Just Eat Takeaway.com, which has recently divested its U.S. operations to focus on core European markets, has been transitioning from cost-cutting to growth acceleration. Prosus believes its investment can unlock JET’s potential beyond what it could achieve independently, particularly by leveraging AI-driven improvements in delivery efficiency and customer engagement.
The all-cash offer provides JET shareholders with immediate liquidity amid market volatility, eliminating risks tied to JET’s standalone strategy.
The offer memorandum has been published, and regulatory approvals are pending. If successful, the deal would mark one of the largest consolidations in Europe’s competitive food delivery sector.