A&O Looks to Gatecrash JustEat Merger Party With Role on £4.9B Hostile Bid
Ashurst is also advising on Prosus' attempted derailment of the Just Eat mega-merger.
October 22, 2019 at 05:54 AM
2 minute read
Just Eat. Credit: Bloomberg
Allen & Overy is advising as client Prosus attempts to gatecrash a planned tie-up between two of Europe's biggest food delivery operators.
The Magic Circle firm is advising on the listed investment vehicle's hostile £4.9bn all-cash offer to acquire the U.K.'s Just Eat. The surprise bid comes nearly three months after Just Eat and Takeaway.com announced plans for a £9 billion merger.
A&O has fielded a cross-border team across its London and Brussels offices to advise on the deal. Its London partners advising include M&A partner duo Seth Jones, David Broadley and banking partner James Graham. Meanwhile, Brussels-based antitrust global co-heads Juergen Schindler and London based Antonio Bavasso are also on the firm's team.
Linklaters and Slaughter and May took the lead roles in the initial merger talks and Linklaters is continuing to advise Just Eat on the latest development. Corporate partners Iain Fenn and Derek Tong are leading the team.
According to a statement by Prosus, the hostile offer follows unsuccessful discussions with Just Eat's board of directors.
Ashurst is advising financial backer JP Morgan in relation to the attempt. Its team includes corporate partner Tom Mercer and banking partners Tim Rennie and Jane Fissenden also advising.
A&O counts Prosus, which is owned by South African internet giant Naspers, as a regular client.
Last month, it advised on its primary listing on the Euronext Amsterdam stock exchange and a secondary listing on the Johannesburg Stock Exchange. The flotation of 26% of the company gave it a market capitalisation of €120 billion.
According to estimates in a prospectus published by Naspers, the firm is set to pick up about £3.8 million in legal fees for the advice.
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