Prosus NV said Monday that it has lowered the level of acceptances required in its bid to buy Just Eat PLC, as it posted the offer documents to shareholders of the U.K. company.
The Amsterdam-listed company, which was spun out of Naspers Ltd. NPN, -1.34% earlier this year and houses a major stake in Tencent Holdings Ltd. 700, -1.53%, last month launched a 4.9 billion-pound ($6.23 billion) all-cash bid for Just Eat JE, -0.05% , which was promptly rejected by the U.K. food-delivery company. Prosus’s PRX, -0.80% bid challenged a previously agreed all-stock merger between Just Eat and its Dutch peer Takeaway.com TKWY, +0.55%.
Prosus said its offer is now conditional on receiving acceptances from 75% of the Just Eat shares. The bid was previously conditional on Prosus securing the backing of not less than 90% of Just Eat shareholders.
Prosus urged Just Eat shareholders to accept the offer by no later than its closing date of 1200 GMT on Dec. 11.
The company said it believes the offer is attractive and fair for a business that requires substantial investment to defend its position against competitors and capitalize on long-term opportunities.