Two More US Firms Join Fray on Just Eat Bidding War
The firms are advising a Just Eat investor which has accused rival bidder Prosus of undermining the deal process.
October 29, 2019 at 05:51 AM
2 minute read
Just Eat. Credit: Bloomberg
White & Case and Sidley Austin have joined the raft of firms advising on the planned £4.9 billion hostile takeover of food delivery company Just Eat, amid a heated investor clash.
Both firms are representing Cat Rock Capital Management, which owns more than 18 million shares in Just Eat and yesterday (October 28) slammed the unsolicited £4.9 billion bid for Just Eat from internet company Prosus, which came less than three months after the company reached an agreement to sell its shares to rival Takeaway.com.
Cat Rock said in a statement that the sale of shares in Just Eat "directly and materially harmed" its shareholders.
White & Case's team is made up of London corporate partners Tom Matthews and Patrick Sarch, and capital markets partner Richard Pogrel. Sidley, meanwhile, is fielding a team led by New York-based corporate governance partner Kai Liekefett and London corporate partner James Wood.
Among the firms to have already won roles on the planned transaction are Allen & Overy, which is advising regular client Prosus; Just Eat's adviser Linklaters; and Ashurst, which is advising financial backer JP Morgan in relation to the attempted Prosus takeover.
Slaughter and May is advising Dutch company Takeaway.com on its original takeover offer for Just Eat. If successful, the merger would create a company worth £9 billion.
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