The battle for control of UK food delivery firm Just Eat (JE.) has intensified as rival bidder Prosus raised its offer to £5.1bn. Prosus is seeking to break up the agreed merger between Just Eat and Dutch rival Takeaway.com, a deal that would create one of the world’s biggest online food delivery companies. Prosus, the Amsterdam-listed offshoot of South African technology group Naspers, launched a rival 710p a share cash offer in October and has raised its terms to 740p a share, further above Takeaway.com’s £4.8bn offer. Prosus argued that its bid was “the only one that delivers certainty in the face of undeniable industry change”. Just Eat said its board was studying the increased offer, and advised shareholders to take no action. Shares in the business closed up slightly on Monday, gaining 4p to 781p.
Shares in Tullow Oil (TLW) plunged to a 16-year low after the company surprised investors by slashing its production forecast, scrapping its dividend and announcing that its chief executive and exploration director had left. Tullow said Paul McDade was leaving after almost two decades at the London-listed company. He was appointed chief executive in 2017. Angus McCoss, the head of exploration, was also ousted with immediate effect. The company will be run by the chair, Dorothy Thompson, a former Drax boss, until a new chief executive is found, while Mark MacFarlane, its east Africa chief, becomes chief operating officer. Thompson said: “The board has been disappointed by the performance of Tullow’s business and now needs time to complete its thorough review of operations.”
The chief executive and chairman of the subprime lender Amigo Holdings (AMGO) are stepping down, signalling fresh turmoil at the loans group after its billionaire founder pushed his way back on to the board. The chief executive, Hamish Paton, who has been in the role for less than five months, will continue in the job for another year to ensure an orderly handover to his successor. Also departing is the chairman, Stephan Wilcke, who will not stand for re-election at the company’s next annual general meeting in July 2020, along with Clare Salmon, head of the remuneration committee, who said she would step down “at the first suitable opportunity”.
