Illustration: Sarah Grillo/Axios
The fight for Europe's food delivery market — between players like Just Eat, Takeaway.com and Prosus — is beginning to look like a trust fall.
Why it matters: Their interactions reflect how many in the on-demand delivery space view consolidation as key to profitability and, in turn, long-term viability. What's now taking place in Europe will soon be exported to the U.S.
What's happening:
- Takeaway.com says it won't raise its $5.5 billion offer for Just Eat, despite a $6.3 billion unsolicited bid from Prosus, the Dutch conglomerate controlled by Naspers.
- Takeaway is betting that Just Eat will continue to use a synergy shield to swat away Prosus, as it has done so far, and eventually persuade some dissident shareholders.
- Prosus, meanwhile, is resting on its bank account. And could even increase its existing bid, to make Takeaway's offer look even smaller.
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