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A food fight - why did Naspers lose the Just Eat deal ?

13 January 2020 7:55 PM
Tags:
Naspers
Just eat
Takeaway.com has won the bidding war for Just Eat Plc, over Naspers' Prosus.

Takeaway.com has won a bidding war for Just Eat Plc, ending a months-long battle with Prosus.

This creates Europe’s largest food-delivery operation.

Food delivery is one of those businesses that if you can build up a dominant position and be the go-to service in any specific geographical region you can increase prices later and capture some juicy e-commerce revenue. In the UK they are a pretty useful player.

Paul Theron, MD - Vestact Asset Management

The argument was that Just Eat is currently burning cash, losing money on every single delivery and that they needed to have more cash capital. Remember, we're in the background now where the mood is less receptive to the cash-burning unicorns as it was a year ago. If I was takeaway.com management - the assumption - I assume - would be that they're going to be able to raise as much cash as they want.

European investors must wake up and pay up for Prosus, in order to close the gap... it's not just a South African problem anymore. I hope Bob van Dijk is spending a lot of time with European-based institutional investors telling them to step up and get involved.

Paul Theron, MD - Vestact Asset Management

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This article first appeared on 702 : A food fight - why did Naspers lose the Just Eat deal ?


13 January 2020 7:55 PM
Tags:
Naspers
Just eat

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