Prosus makes hostile R93bn bid for food delivery company

[Jopie Fourie]

Prosus NV, the new Naspers-owned [JSE:NPN] global digital company, has made a hostile bid for the UK-based food delivery company Just Eat.

Prosus announced the terms of its all-cash offer on Tuesday, saying it decided to approach Just Eat shareholders to consider the offer after negotiations with Just Eat management did not lead to an agreement. It said the deal values Just Eat at £4.9bn (R93bn).

Just Eat has 27m customers, and 107,000 participating restaurants, in the UK, Australia, France, Brazil and other markets. It was founded in Denmark in 2001 by five entrepreneurs and listed on the London Stock Exchange. Last year, the group processed almost R80bn in orders.

Prosus has recently approached the board of Just Eat with a number of proposals, according to the Prosus statement. The parties have, however, have not managed to reach an agreement. That is why Prosus is taking its offer directly to shareholders.

In the terms of the offer, Just Eat shareholders will be entitled to receive 710 pence in cash for each Just Eat share. On Tuesday morning, Just Eat's share price jumped by 24% to 730p following the Prosus statement.

Prosus makes hostile R93bn bid for food delivery company | Fin24

The new Naspers international digital company Prosus has made a hostile bid of R93.35bn for the UK-based food delivery company Just Eat.

www.fin24.com

 

[Jopie Fourie]

I think this must be a bitter pill for the ANC to see SA-based companies move abroad, investing this type of money in companies and economies abroad, creating employment abroad and contributing towards taxes abroad.

 

[Milano]

I think this must be a bitter pill for the ANC to see SA-based companies move abroad, investing this type of money in companies and economies abroad, creating employment abroad and contributing towards taxes abroad.

Doubt it. Since when has the ANC ever been concerned about SA's economy, employment or taxes.

 

[Jopie Fourie]

Doubt it. Since when has the ANC ever been concerned about SA's economy, employment or taxes.

You do have a point. but imagine the number in terms of taxes they could have squandered from this deal alone, had it been invested in SA.

 

[Milano]

You do have a point. but imagine the number in terms of taxes they could have squandered from this deal alone, had it been invested in SA.

If the size of the SA economy literally halved tomorrow morning there would still be be more than enough to loot for the next 50+ years. You only need to look at leaders across Africa who have stolen USD billions from exponentially smaller economies. Sure the man in the street will suffer but not the politically connected criminal enterprise.

 

[Azg]

If the size of the SA economy literally halved tomorrow morning there would still be be more than enough to loot for the next 50+ years. You only need to look at leaders across Africa who have stolen USD billions from exponentially smaller economies. Sure the man in the street will suffer but not the politically connected criminal enterprise.

This. It's similar to guys who when emigrating claim "this will show the middle finger to the ANC". Sure the economy will suffer. But there will always be enough money for the elite. Countries like the Nigeria, DRC, Angola, Zim have USD multi-millionaires / billionaires despite the poverty of the ordinary people.

 

[Techne]

I think this must be a bitter pill for the ANC to see SA-based companies move abroad, investing this type of money in companies and economies abroad, creating employment abroad and contributing towards taxes abroad.

Wtf are you smoking? The ANC is doing an excellent job at decolonizing money and imperialist influence on the South African economy. They are saying a big NO to cultural appropriation and Western + Asian economic activities.

 

[rietrot]

Overpaying for junk.

 

[krycor]

I think this must be a bitter pill for the ANC to see SA-based companies move abroad, investing this type of money in companies and economies abroad, creating employment abroad and contributing towards taxes abroad.

Nope.. a fool thinks everyone cares. They likely invested in Naspers (and thus Prosus too).

The reality is they have run such a business before? Ie Mr Delivery so unless they got their numbers wrong as many companies that moved to UK and AUS market have.. it’s a no brainer. But again.. SA market makes fools of many ceos when they do mergers and acquisitions abroad and to date there have been very little successes outside of SAB (and of cause Naspers acquiring tencent).

Edited: almost forgot their own previous acquisition. In terms of sheer mergers (where growing the brand) is there a success outside of SAB?

 

[ponder]

Edited: almost forgot their own previous acquisition. In terms of sheer mergers (where growing the brand) is there a success outside of SAB?

There are probably quite a few, off the top of my head shoprite, bhp, sasol, richmont, de beers, mtn, rembrand, standard bank, sanlam, naspers, aspen, bidvest. There are probably a lot more I can't think of that operate globally that have been involved in mergers & acquisitions.

EDIT: Like SAB many have moved their operational HQs offshore, smart move.

 

[ɹǝuuᴉM]

This. It's similar to guys who when emigrating claim "this will show the middle finger to the ANC". Sure the economy will suffer. But there will always be enough money for the elite. Countries like the Nigeria, DRC, Angola, Zim have USD multi-millionaires / billionaires despite the poverty of the ordinary people.

LOL I agree.

 

[krycor]

There are probably quite a few, off the top of my head shoprite, bhp, sasol, richmont, de beers, mtn, rembrand, standard bank, sanlam, naspers, aspen, bidvest. There are probably a lot more I can't think of that operate globally that have been involved in mergers & acquisitions.

EDIT: Like SAB many have moved their operational HQs offshore, smart move.

Shoprite - struggling abroad recently,
Bhp - mining so not quite the same.. but point granted,
Sasol - lake Charles..
Richmont - isn’t this part of Rembrandt Group ? See below
De Beers - see Bhp
MTN - you sure about that ? See Iran, India, Nigeria etc,
STB - banking.. yes and no.. they run as separate entities almost but lately there is integrations and centralization of management etc so ok.. not quite.
Naspers - owning shares in others not quite the same..
Bidvest - was ok, jury out as they hit snags
Aspen - what their share price doing.. and why haha
Sanlam - off hand not sure about them
Rembrandt - for now but struggles when economy goes bad as expected with luxury goods.. good switch to luxuary goods and focus on China but check their trendline..

Retail that went abroad struggled.. see Woolworths, PnP (attempt 2.0 now going ok), Mr Price..

 

[ponder]

Shoprite - struggling abroad recently,
Bhp - mining so not quite the same.. but point granted,
Sasol - lake Charles..
Richmont - isn’t this part of Rembrandt Group ? See below
De Beers - see Bhp
MTN - you sure about that ? See Iran, India, Nigeria etc,
STB - banking.. yes and no.. they run as separate entities almost but lately there is integrations and centralization of management etc so ok.. not quite.
Naspers - owning shares in others not quite the same..
Bidvest - was ok, jury out as they hit snags
Aspen - what their share price doing.. and why haha
Sanlam - off hand not sure about them
Rembrandt - for now but struggles when economy goes bad as expected with luxury goods.. good switch to luxuary goods and focus on China but check their trendline..

Retail that went abroad struggled.. see Woolworths, PnP (attempt 2.0 now going ok), Mr Price..

Ok so according to you they always did kuk, no ups no downs like many other international companies. Fair enough I can live with the fact they they were always kuk.

 

[krycor]

Ok so according to you they always did kuk, no ups no downs like many other international companies. Fair enough I can live with the fact they they were always kuk.

No.. I'm just saying many have not managed to keep it going great post purchase honeymoon period. if you think the period immediately after purchase is the only one that matters then similarly there is no marriage failures but like with the reality of this.. thats when the challenges begin and the couples appropriate choice is tested.

Seems there is also an article mentioning some of these guys here with more info on some of the failures recently..

SA’s corporate meltdown

Why these 20 high-profile companies' share prices have tanked, with billions of rands vaporised.

www.moneyweb.co.za