The battle for the ownership of takeaway food delivery service Just Eat has taken another twist after one of its suitors, Prosus, increased its takeover offer.
The investment group has made a cash offer of 740p a share, which values Just Eat at £5.1bn. Its original offer had valued the firm at £4.9bn.
Prosus is trying to scupper the agreed merger between Just Eat and Dutch company Takeaway.com, which was announced in July.
Just Eat had said the original offer from Prosus “significantly” undervalued the company.
Prosus says that as well as increasing the offer for Just Eat, it had reduced the level of acceptances required from shareholders to a simple majority (50%. plus one Just Eat share).
“We urge shareholders to accept our offer, as it is the only one that delivers certainty in the face of undeniable industry change,” said Bob van Dijk, group chief executive of Prosus.