BDL says Prosus’ offer for Just Eat Takeaway is unfair to minority shareholders

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By Michal Aleksandrowicz

(Reuters) -BDL Capital Management considers the price Prosus offered for Just Eat Takeaway.com to be unfair to minority shareholders, the Paris-based asset manager said in a report on Tuesday. 

In late February, the Dutch technology investor agreed to buy Just Eat Takeaway for 20.3 euros per share to create a “European tech champion” of food delivery.

The price should be 56.1 euros per share based on BDL’s fair value calculation, it said in the report published on its website. BDL holds 2.04% in Just Eat Takeaway, according to LSEG data. 

This price was calculated by analysing enterprise value-to-gross transaction value (EV/GTV) and EV-to-EBITDA multiples in past Just Eat transactions, other transactions in the sector and for listed peers, BDL said.

It also took into account Just Eat’s 2025 guidance, its “intrinsic” value and possible synergies which it estimated at more than 100 million euros ($107.9 million) a year.

“Just Eat Takeaway.com believes that Prosus has made a compelling offer representing an attractive cash premium to Just Eat Takeaway.com’s shareholders, as well as favourable non-financial terms and commitments in respect of deal certainty,” Just Eat told Reuters via email.

Prosus did not immediately respond to a request for comment.

($1 = 0.9266 euros)

(Reporting by Michal Aleksandrowicz in Gdansk; editing by Milla Nissi)