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LONDON (Reuters) – Britain’s Just Eat (L:) advised shareholders not to accept a 710 pence-a-share cash offer from Prosus (AS:), saying it was inferior to its agreed deal with Takeaway.com (AS:) to create the largest food delivery player outside China.
“Your Board believes that the Takeaway.com combination provides Just Eat shareholders with greater value creation than the Prosus offer,” it said in a letter to investors on Monday, adding that the Prosus offer also significantly undervalued Just Eat on a standalone basis.
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