Published by Global Banking & Finance Review®
Posted on April 2, 2025
1 min readLast updated: January 24, 2026
Add as preferred source on GoogleBDL Capital Management claims Prosus' offer for Just Eat is unfair, valuing shares at 56.1 euros instead of 20.3 euros.
(Reuters) - BDL Capital Management said in a report on Tuesday that the price Prosus offered for Just Eat Takeaway.com was unfair to minority shareholders.
In late February, Dutch technology investor Prosus agreed to buy Just Eat Takeaway for 20.3 euros per share to create a "European tech champion" of food delivery.
The price should be 56.1 euros per share based on BDL's fair value calculation, it said in the report published on its website. The Paris-based asset manager holds 2.04% in Just Eat Takeaway, according to LSEG data.
This price was calculated by analysing enterprise value-to-gross transaction value (EV/GTV) and EV-to-EBITDA multiples in past Just Eat transactions, other transactions in the sector and for listed peers, BDL said.
It also took into account Just Eat's 2025 guidance, its "intrinsic" value and possible synergies which it estimated at more than 100 million euros ($107.9 million) a year.
Prosus and Just Eat did not immediately respond to Reuters' request for comment.
($1 = 0.9266 euros)
(Reporting by Michal Aleksandrowicz in Gdansk; editing by Milla Nissi)
The main topic is BDL Capital Management's criticism of Prosus' offer for Just Eat Takeaway as unfair to minority shareholders.
Prosus offered 20.3 euros per share for Just Eat Takeaway.
BDL suggests a fair value of 56.1 euros per share.
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