Turning Down Naspers. Africa’s Most Valuable Firm Could Lose U.K. Food Delivery Firm Takeover Bid
Africa’s most valuable company, Naspers could lose out on its attempted hostile takeover of a U.K.-listed rival in the food delivery market.
British food delivery firm Just Eat is partnered with more than 100,000 restaurants in 13 markets, according to CNN. Since 2016, Naspers has invested $2.8 billion in global online food delivery firms that operate in 41 countries along with 400,000 restaurant partners.
Naspers’ offer initially disrupted Just Eat’s plans for a merger with Dutch rival Takeaway.com, but recent developments have been in favor of the Naspers’ Dutch rival.
On Dec. 20, Just Eat’s board recommended Takeaway’s final offer, saying that it would deliver greater value to Just Eat shareholders versus Naspers’ final revised bid.
The final offer from Naspers was for $10.41 per share, valuing Just Eat at around $7.15 billion, according to Fin24.
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Naspers argues that Just Eat requires more investment than its management has planned to maintain its growth and defend its market positions in the face of intense competition, according to a press release.