Premarket London: Takeaway Hits Back at “Misleading” Prosus Claims

Investing.com — Here is a summary of the most important regulatory news releases from the London Stock Exchange on Wednesday, 11th December. Please refresh for updates.

• Takeaway.com (AS:) hit back at its rival Prosus (AS:) in the bidding war for Just Eat (LON:), accusing Prosus of making misleading claims and not having any direct experience of running a delivery service.
• “Prosus has concocted a far-fetched valuation of the Combined Group by attempting to draw a spurious parallel to Grubhub and by focusing on Just Eat’s depressed trading multiple,” Takeaway said.
• Prosus earlier this week raised its cash offer to 740 pence a share. While that’s some way below the implicit value of Takeaway’s offer, Prosus has argued that the share price of the combined group would quickly come under pressure due to heavy investment needs. It cited the experience of U.S. group GrubHub to support its claims.
• Takeaway argued that the GrubHub analogy is misleading. It said average order value in the U.K. – at the equivalent of $25 – isn’t high enough to justify the logistics-based model that Prosus is advocating.
• Finally, it noted that Prosus’ offer represents a premium of only 16% to the undisturbed share price in July.
• • The bad news continues at Global Ports Holding (LON:), which said it now expects full-year EBITDA to fall by around 5% after another weak quarter for its commercial ports.
  • The company, whose shares have lost two-thirds of their value in the last two years, said revenue from its commercial ports fell 22% on the year to $14.7 million, a drop that was only partly offset by a 17% rise in cruise revenue to $22.2 million.
  • It said the cruise business is performing well, having recently opened cruise port operations in the Bahamas and Antigua that will see cruise become the more important of the group’s divisions.

  Heathrow Airport said it had had its busiest November ever, with passenger numbers rising 2.0% to 6.234 million despite flight movements dipping 0.1% to just under 38,000.

  The airport said that the expansion of north American routes, which were particularly busy over the Thanksgiving weekend, was chiefly responsible.

  The cargo business was weaker, with tonnage volumes falling 8.6% on the year to 134,328.

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