StockMarketWire.com - JustEat said it had rejected an improved takeover offer from Prosus as it continued to believe that it 'significantly' undervalued the company.

Prosus on 9 December raised its offer by around 4% to 740p per Just Eat share, valuing the company at £5.1bn.

After rejecting the offer, the food-delivery company said it continued to favor Takeaway.com's offer of 0.09744 shares for every Just Eat share.

'The board of Just Eat has now considered the terms of the Prosus Offer and continues to believe that it significantly undervalues Just Eat and its attractive assets and prospects both on a standalone basis and as part of the proposed recommended all-share combination with Takeaway.com,' JustEast said.

'Accordingly, the board of Just Eat unanimously recommends that shareholders reject the Prosus Offer of 740 pence per share,' it added.

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