Food delivery service Just Eat rejects new takeover offer

A new takeover offer still isn't sweet enough for food delivery service Just Eat

LONDON -- Food delivery company Just Eat rejected a sweetened takeover bid from investment firm Prosus on Tuesday, saying that the 5 billion pound ($6.6 billion) offer still “significantly undervalues” the company.

Prosus N.V., which is owned by the wealthy South African investment group Naspers, had already bid twice for Just Eat in private, and has now made two public offers - but has seen both rejected. In October, Just Eat rejected a Prosus takeover proposal worth 4.9 billion pounds.

The company in July agreed to merge with Dutch rival Takeaway.com in a 9 billion-pound deal and is focused on completing that deal, with a shareholders’ vote expected in December.

Just Eat said that the merged companies “will deliver greater value creation to Just Eat shareholders" than the latest Prosus offer.