Delivery food fight: Just Eat rejects another takeover offer

Food delivery company Just Eat has rejected a takeover offer from South Africa’s Prosus, saying that 4.9 billion-pound ($6.2 billion) cash offer “significantly undervalues” it. Prosus N.V., which is owned by South African internet retail group Naspers, has w raised its takeover offer for Just Eat twice, only to still be rejected. Shares in Just Eat jumped 26% in London on Tuesday as investors seem to hope for a newly raised bid.

Just Eat has operations in many European countries as well as Australia, Cana, Mexico, and Brazil, among ors. It said in a statement that its board “unanimously recommends that shareholders reject Prosus offer.”

bid comes at a time when investors are lowering valuation of some online businesses, with work startup WeWork struggling financially and some IPOs t doing as well as hoped.