The merger of Just Eat PLC (LON:JE.) and Dutch rival Takeaway.com is still in doubt as it was revealed on Thursday that to date the offer has only reached a 13% acceptance level, well off the required threshold of 75%.
The figure was reached at 1pm on 11 December, the first closing date for the offer, which has now been extended to 1pm on 27 December.
Analysts at Liberum said that while there were a few weeks before the extended deadline, the were “doubtful the group will reach the required acceptance threshold of 75% given previous investor comments and the terms of the deal representing no premium to current levels and fundamentally undervaluing Just Eat”.
The firm’s struggle to achieve significant shareholder backing for the merger could be good news for investment firm Prosus, which is currently trying to secure approval for its own £5.1bn hostile bid for the group, around 5% more than the all-share merger with Takeaway.com.
However, in early deals Just Eat shares were trading 0.4% lower at 781p, a 5.5% premium to the Prosus offer of 740p per share, suggesting investors see a higher offer as a possibility.