NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
HOOFDDORP, Netherlands–(BUSINESS WIRE)–Publication of Investor Presentation
Further to the announcement on 9 December 2019 by Prosus N.V. (Prosus) and MIH Food Delivery Holdings B.V. (MIH) of their increased offer to acquire the entire issued and to be issued share capital of Just Eat plc (Just Eat) (the Increased Offer), Prosus and MIH are today pleased to announce the publication of an investor presentation (the Investor Presentation) in connection with the Increased Offer.
Prosus continues to believe that its superior cash offer represents compelling and certain value to Just Eat Shareholders. The Increased Offer is at a premium to the look through value of the Takeaway Offer, and provides certainty of value for Just Eat Shareholders, in contrast to the significant risks associated with the Takeaway Offer. The presentation develops the arguments set out in the offer document, and in addition, contains the following new information:
Illustrative Premium Calculation
Prosus Increased Offer of 740 pence per share in cash comes at a 44 per cent. illustrative premium assuming the 15% premium on announcement of the Takeaway offer in July remained embedded in Just Eat’s share price of 589 pence as at 21 October 2019 (implying an illustrative unaffected price for Just Eat of 512 pence adjusted for this 15% premium)
The illustrative premium of 44% is calculated by reversing the 15% premium on announcement of the Takeaway offer out of the 589p Takeaway share price on 21 October 2019 (that being the last business day prior to the date of Prosus’s Original Offer Announcement), to establish an illustrative unaffected Just Eat share price for that day of 512 pence, which, compared to Prosus’s increased cash offer of 740 pence implies a 44% premium.
Illustrative Value of Just Eat at the Grubhub 2020 enterprise value / revenue multiple (updated for the latest GrubHub share price as of 10 December 2019)
If Just Eat were to re-rate to GrubHub’s current 2020 EV/Revenue multiple of 2.7x, this would result in an illustrative share price for Just Eat of 502 pence, to which Prosus’s increased offer represents an illustrative premium of 48%.
Prosus believes that the Increased Offer provides compelling and certain value for Just Eat’s Shareholders at a significant premium to Takeaway’s all-share offer, which comes with significant risks.
Just Eat Shareholders are urged to accept the Increased Offer as soon as possible and, in any event, by no later than 1.00 p.m. (London time) 27 December 2019.
Source for full text: Business Wire