|Bid||734.20 x 0|
|Ask||735.20 x 0|
|Day's Range||733.80 - 738.80|
|52 Week Range||519.20 - 833.14|
|Beta (3Y Monthly)||1.00|
|PE Ratio (TTM)||126.72|
|Earnings Date||Jul 31, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||868.56|
Upslope Capital Management, a Denver-based alternative investment management firm, recently released its 2019 Q3 Investor Letter – download a copy here. The investment management company had a good quarter, returning 6.8% for the quarter, bringing its year-to-date return to 26.4%. During the same quarter, the S&P Midcap 400 ETF (MDY) and HFRX Equity Hedge Index respectively returned -0.2% and 1.8%. The investor provided […]
LONDON/AMSTERDAM (Reuters) - Prosus held firm on its $6.3 billion offer to buy Just Eat on Monday as it argued the merits of its bid versus one from Takeaway.com for the British online takeaway delivery firm. "We actually believe that financial markets are under- estimating the cost of implementing the transformation Just Eat requires to protect its market position and to capitalise on its long-term opportunity," Prosus CEO Bob Van Dijk said. Prosus has weighed in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, for Just Eat.
will allow the food delivery pioneers to see off new competition from Uber and Deliveroo, as he tries to rally support from investors in the face of a rival bid from Naspers. Jitse Groen, who founded Amsterdam-based Takeaway 20 years ago, said there is “no proof” that companies that rely on their own delivery network for the majority of their orders can ever turn a profit. as a rival bidder for Just Eat last month, Mr Groen sought to reassure investors that the experience of the Takeaway management team could withstand well-funded rivals such as Deliveroo.
LONDON/AMSTERDAM (Reuters) - Prosus held firm on its $6.3 billion offer to buy Just Eat on Monday as it argued the merits of its bid versus one from Takeaway.com for the British online takeaway delivery firm. "We actually believe that financial markets are under- estimating the cost of implementing the transformation Just Eat requires to protect its market position and to capitalize on its long-term opportunity," Prosus CEO Bob Van Dijk said. Prosus has weighed in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, for Just Eat.
Once limited to a few dog-eared menus in a kitchen drawer, choice has multiplied in the takeaway market. Jitse Groen, boss of would-be partner Takeaway.com, admitted that on Monday. Meanwhile, rival bidder Prosus, the Amsterdam-listed arm of Naspers, gave a downbeat assessment of the sectors’ prospects in its offer document.
Takeaway.com has changed its line of attack in the battle to buy food delivery ordering service Just Eat, effectively lowering the threshold for approval of its offer as it seeks to fend off rival suitor Prosus. Just Eat had previously agreed on the terms of a 4.7 billion pound ($6.1 billion) all-share deal that prompted internet giant Prosus to weigh in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, setting an increasingly fractious contest in motion. A merger of Takeaway and Just Eat would create one of the biggest food delivery groups outside China, rivalling Uber Eats , with market leadership in Britain, Germany, the Netherlands and Canada.
Takeaway.com has changed its line of attack in the battle to buy food delivery ordering service Just Eat, effectively lowering the threshold for approval of its offer to fend off rival suitor Prosus. Just Eat had previously agreed on the terms of a 4.7 billion pound all-share deal that prompted internet giant Prosus to weigh in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, setting an increasingly fractious contest in motion. A merger of Takeaway and Just Eat would create one of the biggest food delivery groups outside China, rivalling Uber Eats , with market leadership in Britain, Germany, the Netherlands and Canada.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Takeaway.com NV has changed the type of bid it’s making for Just Eat Plc to one that allows it to change the shareholder acceptance threshold down the line as it competes with Naspers Ltd. spinoff Prosus NV for the asset.Takeaway is moving from a “scheme of arrangement” to a conditional offer, the company said in a statement on Monday. The offer will be approved if investors holding 75% of Just Eat’s shares agree to it.The company’s previous offer would have given Takeaway full control of Just Eat if it got 75% of voting shareholders to agree to the bid. The new offer means that it can lower the threshold to anything above 50% of the company’s shares, potentially making it easier to get a deal done. But the strategy risks having investor holdouts who refuse to tender their shares.Read more about the bidding war here.The company is competing for the asset with Prosus, a technology-acquisition firm that was spun off from South African giant Naspers in September. Takeaway’s all-share bid for Just Eat has declined to about 617 pence per share from an original 731 pence per share value as its stock price fell in the last few months. That gave Prosus a window to make a 710 pence per share cash bid last month.To contact the reporter on this story: Amy Thomson in London at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Nate Lanxon, Ben ScentFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Just Eat had previously agreed on the terms of a 4.7 billion pound ($6.1 billion) all-share deal that prompted internet giant Prosus to weigh in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, setting an increasingly fractious contest in motion. A merger of Takeaway and Just Eat would create one of the biggest food delivery groups outside China, rivaling Uber Eats , with market leadership in Britain, Germany, the Netherlands and Canada. The value of Takeaway's offer has declined since it was announced Aug. 5, dented by a drop in its share price and a strengthening of the pound against the euro.
To City ears the bray of a zebra sounds like a car alarm. So, too, does Project Zebra , KPMG’s profit-improving exercise. The beancounting partnership is taking back staff mobile phones, moving marketing ...
(Bloomberg) -- Takeaway.com NV and Prosus NV haven’t started throwing egg rolls at each other, but they aren’t far off.Prosus, a $114 billion technology investment vehicle spun out of South Africa’s Naspers Ltd. in September, announced a hostile bid last week for British food delivery company Just Eat Plc, challenging an offer from Takeaway that was due to go through by the end of the year.With shareholders having to choose between two very different deals -- a cash bid from Prosus or a merger with Amsterdam-based Takeaway that would combine the two companies into a European food-delivery giant -- the battle is turning ugly. The meeting where investors will formally vote on a takeover deal isn’t until December 4, but meanwhile Just Eat’s shares are trading well above both companies’ latest offers as investors anticipate a bidding war.At the heart of the brewing food fight is the increasingly competitive market for services that pick up meals from restaurants and deliver them to customers. Giants like Uber Technologies Inc.’s Uber Eats platform are going up against a proliferation of apps for a share of the fast-growing sector. Some competitors are being forced out. Amazon.com Inc.-backed service Deliveroo stopped its German operations in August saying it couldn’t afford to keep up with its “brilliant” service standard. Other players are consolidating.Complicating Just Eat investors’ choice is Takeaway’s sinking share price. Takeaway’s share-swap offer went from valuing Just Eat’s stock at 731 pence apiece, higher than Prosus’s current 710-pence bid, to about 612 pence on Tuesday as its shares declined. Just Eat ended the day at 748.40 pence in London, giving it a market value of about 5.11 billion pounds ($6.58 billion).“A cash offer at a 20% premium is better than an all-share offer,” Prosus Chief Executive Officer Bob van Dijk said in emailed comments. “It provides certainty to shareholders and shields them from operational execution risk.”Trouble is, Takeaway is falling at least in part because its second-largest investor, Delivery Hero SE, is in the process of selling 3 million shares, and Delivery Hero’s largest shareholder is Prosus. That has some Takeaway investors crying foul.“Amazingly, Prosus has actually offered a discount to the value of the Takeaway.com bid before Prosus’ own portfolio company began selling Takeaway.com shares in the open market,” said Alex Captain, founder and managing partner of Cat Rock Capital Management, which owns shares in both Just Eat and Takeaway and is fiercely in favor of the merger. The investor owns about 3% of Just Eat and 5.6% of Takeaway and said in a statement on Monday that the combination would create a company worth 1,200 pence per share by the end of next year.Delivery Hero, which lists Prosus Chief Operating Officer Patrick Kolek as the deputy chairman of its six-person supervisory board, has said that it made the decision to sell Takeaway shares independently. It said it had no knowledge of Prosus’s plan to buy Just Eat before the bid was announced. The company said it was instead trying to cash in on a 48% surge in Takeaway’s shares in the first eight months of the year.According to Prosus’s website, Kolek, as COO, is focused on aligning group strategy with company objectives, leading core business activities and strategic initiatives such as large acquisitions and divestitures.Takeaway has characterized the Prosus-Delivery Hero connection as a conflict of interest. On Monday, it called on Delivery Hero to abstain from voting on its offer for Just Eat in an upcoming shareholder meeting.In a statement on Monday, Delivery Hero declined to comment on how it will exercise its voting rights or the role of Kolek on its board, saying “We have been in consultation sessions with the UK authorities and (have) specifically done everything to be in line with all obliged and mandatory steps.”The U.K.’s Takeover Panel, which regulates acquisitions involving British companies, doesn’t plan to take any action since Delivery Hero is properly disclosing its trades, including describing itself as being in a presumed concert party with Prosus, a person familiar with the matter said. The U.K.’s Financial Conduct Authority, which monitors market abuse, declined to comment on whether it had been asked to investigate the Delivery Hero share dealings in the context of the Prosus offer.Prosus said in a statement Monday that it doesn’t “control Delivery Hero or its investment decisions.” It also said that “Prosus had not disclosed its interest in making an offer for Just Eat to Delivery Hero” before making the bid.Just Eat’s board has rejected the Prosus bid and recommended the merger with Takeaway, but shareholders are split.Winning over big shareholders will be key. At least 75% of Just Eat investors must vote for the Takeaway deal for it to be approved, according to the offer’s terms. The Prosus threshold is 90%, though the company can reduce it to 50% plus one share under certain conditions.Still, both offers have been called too low. Aberdeen Standard Investments, which holds about 5% of Just Eat, said that Prosus needs to increase its offer by 20%. The investor also wanted Takeaway to increase its bid. Eminence Capital, which holds about 4%, in September said Takeaway’s bid undervalued Just Eat and that it planned to vote against that deal.“We stand ready to consider fair offers from Prosus and any other interested buyers, but these offers must compete on a level playing field with the significant value delivered by a Takeaway.com merger,” said Cat Rock’s Captain.\--With assistance from Natalia Drozdiak and Stefan Nicola.To contact the reporters on this story: Amy Thomson in London at email@example.com;David Hellier in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Vidya RootFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- Tuesday’s dramatic hostile counter-bid for the British internet takeout company Just Eat Plc arrived almost fully baked. The assailant, the European offshoot of South African tech giant Naspers Ltd, is throwing the prospect of cash at Just Eat’s shareholders to persuade them to ditch an all-share merger deal with Dutch rival Takeaway.com NV.The new offer isn’t that tempting. It needs a big dollop of dessert to make it irresistible.Naspers listed the bid vehicle, Prosus NV, in Amsterdam last month and analysts had expected it to gatecrash. But the 4.9 billion pound ($6.3 billion) cash bid looks mean as far as takeovers go. It equates to a low premium of 12% above Just Eat’s price before the Takeaway.com talks emerged.True, the Prosus offer is superficially better than the Takeaway.com merger. The latter deal would give Just Eat shareholders just over half the combined company, roughly in line with the duo’s average relative market values in the three months before discussions leaked. The upside would be split almost equally between each side’s investors. But there wouldn’t be much to share. Takeaway.com envisaged just 20 million euros ($22 million) of cost savings annually after four years. The governance was a bit of a fudge with board seats handed to both sides.Moreover, Prosus’s premium is arguably higher than it looks. As Prosus points out, the internet sector’s shares have fallen in recent months. Takeaway.com is down 15% since the Just Eat talks emerged in July. If there were no negotiations and Just Eat shares had tracked its peer, its shares would be trading at about 540 pence. Prosus’s hostile offer adds 31% to that — that’s a more conventional-sized takeover top-up.But the offer still isn’t high enough. Many of Just Eat’s top shareholders are also invested in Takeaway.com. For them the precise terms of the existing merger plan don’t matter too much. They may have liked the idea of crunching their holdings into a single big player they could hold over the long term. Forgoing that opportunity by cashing out demands a better than average premium.With $5.7 billion of net cash and billions of dollars of listed holdings, Prosus can afford to go higher. Its offer ascribes Just Eat an enterprise value of 3.8 times estimated 2020 sales, as shareholder Cat Rock Capital Management LP notes. Takeaway.com’s trading multiple is 8.3 times, although its markets are less competitive.Just Eat’s expected 394 million pounds of operating profit for 2023 would indicate a 7% post-tax return for Prosus from the deal. That’s in line with the target’s cost of capital. Add cost savings and the returns would probably be higher, which would justify paying more.It’s hard to see how Takeaway.com, with a market value of just 4.5 billion euros, could outbid Prosus. Nor is it clear that another tech giant might want to wade in. But shareholders have leverage just from saying no. They should back their board in demanding more before recommending a full takeout.To contact the author of this story: Chris Hughes at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Naspers spinoff Prosus NV swooped in with a 4.9 billion pound ($6.3 billion) hostile offer for U.K. food delivery company Just Eat Plc, challenging a deal with Takeaway.com NV.Prosus offered 710 pence a share in cash for Just Eat, it said in a statement Tuesday. Takeaway’s original all-stock offer valued Just Eat’s shares at about 731 pence apiece as of July. By Monday’s close, the figure had dropped to about 595 pence as Takeaway’s shares declined following the deal’s announcement.Just Eat shares jumped above both bidders’ offers, rising as much as 26% to 741.4 pence on the news, the most since July. The company said it had rejected three proposals from Prosus, including this one, opening the door to a bidding war.Prosus Chief Executive Officer Bob van Dijk said on a call with reporters Tuesday that the company had approached Just Eat’s board but failed to reach an agreement.“We don’t see this as going hostile,” Van Dijk said on the call. “We want to give shareholders the opportunity to consider this because it’s in their best interest, that’s why we’re putting this forward.”The CEO said that sustaining Just Eat’s market position “will require significant investment in product, technology and delivery capabilities. That’s something we’re capable of doing.”Takeaway’s proposal would have given Just Eat shareholders 52% of the combined group and the firms had plans to combine their management and boards. The companies had said they expected to close the deal by the end of the year.But some investors hadn’t been happy with the proposed sale to Takeaway. In September, analysts at Liberum said the earlier bid undervalued Just Eat, and Eminence Capital said the financial terms were “grossly inadequate.”Representatives for Takeaway.com didn’t immediately respond to requests for comment.The food delivery industry has been roiled by mergers of late. Just Eat and Takeaway agreed to their combination less than six months after Takeaway spent about $1 billion for the German operations of rival Delivery Hero SE. Spanish food delivery startup Glovo has also drawn preliminary interest from Uber and Deliveroo in recent months.Meanwhile, Uber Eats and Deliveroo are currently battling for virtual restaurants, where eateries lease kitchen space to prepare food for couriers. With no dining rooms or wait staff, these outfits pop up where food delivery companies expect demand, and sell their meals through Uber Eats or Deliveroo’s app.Naspers listed Prosus in Amsterdam last month and still owns 74% of the company, which controls internet companies around the world. While online food delivery has long been a preferred focus, a successful bid for Just Eat would dwarf the $2.8 billion previously spent on the sector.Naspers has expanded through acquisition since turning a $32 million investment in Chinese giant Tencent Holdings Ltd. into a stake currently worth about $124 billion. The Cape Town-based company focuses on e-commerce companies, with a particular interest in payments and travel booking as well as food.In its statement, Just Eat said JPMorgan Chase & Co. would provide a bridge loan to Prosus.\--With assistance from Janice Kew and Loni Prinsloo.To contact the reporters on this story: Amy Thomson in London at firstname.lastname@example.org;Natalia Drozdiak in Brussels at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Nate Lanxon, John BowkerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Just Eat Plc’s shares fell as much as 6.4% in London trading on Monday after the company said U.K. order growth slowed in the third quarter.Shares declined 6% to 587.6 pence at 8:56 a.m. after earlier touching 622.8 pence, the biggest intraday retreat since September.U.K. order growth slowed to 8% for the calendar third quarter -- compared to 11% for the period before -- after the company’s marketplace business slowed, Just Eat said in a statement on Monday. Increased competition from the likes of Uber Eats and Deliveroo as well as easy access to grocery delivery may be impacting the business’s expansion, analysts at Peel Hunt said in a note to investors on Monday.The company left its guidance for the full-year unchanged and expects revenue of as much as 1.1 billion pounds ($1.4 billion).The firm agreed this year to sell itself to Takeaway.com NV of the Netherlands for 5 billion pounds in shares. The companies have said they expect the deal to close by year end. The deal gave Just Eat shares an implied valuation of 731 pence.The U.K. competition regulator said last week that it had started a probe into Amazon.com Inc.’s bid for Roofoods Ltd., which does business under the Deliveroo brand.\--With assistance from Kit Rees.To contact the reporter on this story: Amy Thomson in London at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Nate Lanxon, Paul SillitoeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Just Eat, the takeaway food platform that agreed to merge with Takeaway.com in August, reported 25% growth in third-quarter revenue on Monday, boosted by the wider roll out of its delivery service in Britain. Interim chief executive Peter Duffy said Just Eat was seeing strong growth in markets including Canada, Europe and Australia.
Prosus had made a $6.3 billion offer for British food delivery firm Just Eat. The Dutch internet conglomerate's Chief Executive Bob van Dijk announced the bid on Tuesday (October 22). It puts the firm on course for a food fight over Just Eat with Dutch rival Takeaway.com. Just Eat and Takeaway have been on course for a merger but the Prosus bid comes in at a 20% premium to Takeaway's offer - if based on Monday's closing share price ... Though at 710 pence per share it's still below the original value of the bid. Just Eat said the Prosus move 'significantly undervalues' the company and has been rejected. Analysts said a bidding war for Just Eat between the two Dutch-based suitors now looms. The Prosus CEO said he had not been able to reach an agreement during talks with Just Eat's board. He now wants shareholders to consider the opportunity for a higher bid. The offer is the first big move by van Dijk since Prosus went public last month. Prosus is now a European tech giant worth $120 billion, largely due to its 31% stake in China's tech firm Tencent. Scale is all-important in the fast growing $100 billion food delivery market, as global rivals such as Amazon-backed Deliveroo and Uber Eats fight to offer consumers the biggest choice.
British takeaway platform Just Eat reported 25% growth in third-quarter revenue on Monday (October 21). The wider roll out of its delivery service in its home UK market helped lift sales to $322million in the three months to September. The company said it's on course to meet its full-year guidance for revenue in the range of 1 billion to 1.1. billion pounds. Interim Chief Executive Peter Duffy said Just Eat saw strong growth in markets including Canada, Europe and Australia. Duffy said there was structural shift in Britain - with higher demand for broader cuisine options led by quick-service restaurant chains. The results come in the same quarter that Just Eat agreed a merger with Amsterdam-based Takeaway.com. The new group aims to rival U.S. giant Uber Eats as the largest global food delivery company outside of China. The deal valued Just Eat at around $5.7 billion. Scale is all-important in the fast growing $100 billion food delivery market, as global rivals such as Amazon-backed Deliveroo and Uber Eats fight to offer consumers the biggest choice.