BDL Capital Management deems the price offered by Prosus for Just Eat Takeaway.com as unfair to minority shareholders. The Paris-based asset manager expressed this view in a report.

In late February, the Dutch technology investor proposed acquiring Just Eat Takeaway for 20.3 euros per share, aiming to create a "European tech champion" in food delivery.

According to BDL's fair value calculation, the price should be 56.1 euros per share. The firm, which holds a 2.04% stake in Just Eat Takeaway, based its assessment on an analysis of enterprise value-to-gross transaction value (EV/GTV) and EV-to-EBITDA multiples from previous Just Eat transactions, as well as comparable transactions in the sector and for listed peers.

BDL considered Just Eat's 2025 guidance, its intrinsic value, and potential synergies, estimating these synergies at over 100 million euros annually.

Just Eat Takeaway.com maintains that Prosus has made a compelling offer that provides an attractive cash premium to its shareholders, along with favorable non-financial terms and commitments regarding deal certainty. 

Prosus has not yet responded to requests for comment.