The Battle Over Just Eat: A Clash of Valuations and Visions
April 4, 2025, 4:22 pm
In the fast-paced world of tech investments, valuations can be as volatile as a rollercoaster ride. The recent offer by Prosus for Just Eat Takeaway.com has sparked a fierce debate. BDL Capital Management, a Paris-based asset manager, has raised the alarm, claiming the offer undervalues the company and shortchanges minority shareholders. This situation is a classic case of David versus Goliath, where the little guy feels the weight of the giant's shadow.
Prosus, a Dutch technology investor controlled by South Africa’s Naspers, proposed to acquire Just Eat for €20.30 per share. The goal? To forge a “European tech champion” in the food delivery sector. However, BDL argues that this price is a mere pittance compared to what Just Eat is truly worth. Their analysis suggests a fair value of €56.10 per share, a staggering difference that raises eyebrows and questions.
BDL holds a 2.04% stake in Just Eat. Their report, which has made waves in financial circles, is not just a number crunching exercise. It dives deep into the metrics that matter: enterprise value-to-gross transaction value (EV/GTV) and EV-to-Ebitda multiples. These calculations are the bread and butter of investment analysis, providing a lens through which to view the potential of a company.
The asset manager’s calculations are not just numbers on a page. They reflect Just Eat’s 2025 guidance, its intrinsic value, and the potential synergies that could be unlocked post-acquisition. BDL estimates these synergies could exceed €100 million annually. That’s not chump change. It’s a treasure trove waiting to be tapped.
Just Eat, on the other hand, has defended the offer. They argue that Prosus’s bid represents a compelling cash premium for shareholders. The company highlights the favorable non-financial terms and commitments that come with the deal. In their eyes, this acquisition is a step towards a brighter future, a chance to consolidate power in a competitive market.
But the question remains: who is right? Is the offer a fair reflection of Just Eat’s value, or is it a calculated move to acquire a valuable asset on the cheap? The stakes are high. For minority shareholders, this deal could mean the difference between a profitable exit and a financial loss.
The food delivery market is a battleground. Companies are vying for dominance, and every acquisition is a strategic move in a larger game. Prosus’s ambition to create a European tech champion is commendable, but it raises concerns about the implications for competition and shareholder rights. Will this acquisition stifle innovation? Will it lead to higher prices for consumers? These are the questions that linger in the air.
The financial community is watching closely. Analysts are dissecting the numbers, weighing the pros and cons. The debate is not just about a single acquisition; it’s about the future of the food delivery industry in Europe. Will it be a landscape dominated by a few giants, or will there be room for smaller players to thrive?
In the world of investments, perception is everything. The narrative surrounding this acquisition will shape public opinion and influence shareholder decisions. BDL’s strong stance against the offer could rally other minority shareholders to their cause. If they can galvanize support, they may have the power to challenge the deal.
Prosus has yet to respond to BDL’s claims. Silence can be a double-edged sword. It can indicate confidence or reveal uncertainty. As the clock ticks, the pressure mounts. Will Prosus adjust its offer? Will Just Eat stand firm? The answers remain elusive.
This situation is a reminder of the complexities of corporate acquisitions. It’s not just about numbers; it’s about people, values, and visions. Each party has its own interests at heart. For BDL, it’s about protecting minority shareholders. For Prosus, it’s about building a tech empire. And for Just Eat, it’s about navigating the turbulent waters of the food delivery market.
As the story unfolds, one thing is clear: the battle over Just Eat is far from over. The stakes are high, and the outcome will reverberate throughout the industry. Investors, analysts, and consumers alike will be watching closely. In the end, who will emerge victorious? Only time will tell. But for now, the tension is palpable, and the stakes have never been higher.
Prosus, a Dutch technology investor controlled by South Africa’s Naspers, proposed to acquire Just Eat for €20.30 per share. The goal? To forge a “European tech champion” in the food delivery sector. However, BDL argues that this price is a mere pittance compared to what Just Eat is truly worth. Their analysis suggests a fair value of €56.10 per share, a staggering difference that raises eyebrows and questions.
BDL holds a 2.04% stake in Just Eat. Their report, which has made waves in financial circles, is not just a number crunching exercise. It dives deep into the metrics that matter: enterprise value-to-gross transaction value (EV/GTV) and EV-to-Ebitda multiples. These calculations are the bread and butter of investment analysis, providing a lens through which to view the potential of a company.
The asset manager’s calculations are not just numbers on a page. They reflect Just Eat’s 2025 guidance, its intrinsic value, and the potential synergies that could be unlocked post-acquisition. BDL estimates these synergies could exceed €100 million annually. That’s not chump change. It’s a treasure trove waiting to be tapped.
Just Eat, on the other hand, has defended the offer. They argue that Prosus’s bid represents a compelling cash premium for shareholders. The company highlights the favorable non-financial terms and commitments that come with the deal. In their eyes, this acquisition is a step towards a brighter future, a chance to consolidate power in a competitive market.
But the question remains: who is right? Is the offer a fair reflection of Just Eat’s value, or is it a calculated move to acquire a valuable asset on the cheap? The stakes are high. For minority shareholders, this deal could mean the difference between a profitable exit and a financial loss.
The food delivery market is a battleground. Companies are vying for dominance, and every acquisition is a strategic move in a larger game. Prosus’s ambition to create a European tech champion is commendable, but it raises concerns about the implications for competition and shareholder rights. Will this acquisition stifle innovation? Will it lead to higher prices for consumers? These are the questions that linger in the air.
The financial community is watching closely. Analysts are dissecting the numbers, weighing the pros and cons. The debate is not just about a single acquisition; it’s about the future of the food delivery industry in Europe. Will it be a landscape dominated by a few giants, or will there be room for smaller players to thrive?
In the world of investments, perception is everything. The narrative surrounding this acquisition will shape public opinion and influence shareholder decisions. BDL’s strong stance against the offer could rally other minority shareholders to their cause. If they can galvanize support, they may have the power to challenge the deal.
Prosus has yet to respond to BDL’s claims. Silence can be a double-edged sword. It can indicate confidence or reveal uncertainty. As the clock ticks, the pressure mounts. Will Prosus adjust its offer? Will Just Eat stand firm? The answers remain elusive.
This situation is a reminder of the complexities of corporate acquisitions. It’s not just about numbers; it’s about people, values, and visions. Each party has its own interests at heart. For BDL, it’s about protecting minority shareholders. For Prosus, it’s about building a tech empire. And for Just Eat, it’s about navigating the turbulent waters of the food delivery market.
As the story unfolds, one thing is clear: the battle over Just Eat is far from over. The stakes are high, and the outcome will reverberate throughout the industry. Investors, analysts, and consumers alike will be watching closely. In the end, who will emerge victorious? Only time will tell. But for now, the tension is palpable, and the stakes have never been higher.