Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Just Eat courier. Photo: Nicolò Campo/LightRocket via Getty Images

Prosus, a listed Dutch Internet group controlled by Naspers, offered $6.3 billion in cash to buy British food delivery company Just Eat (LSE: JE), which previously agreed to an all-stock takeover by Takeaway.com.

Why it matters: This illustrates the competitive risks of all-stock buyout offers. Takeaway's original bid valued Just Eat shares at 731 pence each, but Takeaway's subsequent stock slump reduced that value by nearly 19% to just 594 pence. Prosus, meanwhile, is offering 710 pence per Just Eat share.

The state of play: Just Eat's board has already rejected Prosus' unsolicited bid, claiming it "significantly" undervalues the company. If we assume that Just Eat has enough abacuses to calculate that 710 > 594, their argument must be that synergies with Takeaway could make shareholders richer in the long-term. Don't be surprised if some major Just Eat backers would prefer the bird in hand.

The bottom line: "Naspers has made little secret of its ambitions to become a global presence in internet food delivery. The group controls Latin America’s biggest food delivery app iFood, in which it is partnered with Just Eat as an investor. It has invested hundreds of millions of dollars in India’s Swiggy." — The Financial Times

Go deeper

Most Senate Republicans join Rand Paul effort to dismiss Trump's 2nd impeachment trial

Photo: Joshua Roberts-Pool/Getty Images

Forty-five Senate Republicans, including Minority Leader Mitch McConnell, supported an effort to dismiss former President Trump's second impeachment trial.

Why it matters: The vote serves as a precursor to how senators will approach next month's impeachment trial, making it highly unlikely the Senate will vote to convict. The House impeached Trump for a second time for "incitement of insurrection" following events from Jan 6. when a pro-Trump mob stormed the Capitol.

Texas judge temporarily halts Biden's 100-day deportation freeze

Photo: Mandel Ngan/AFP via Getty Images

A federal judge in Texas has temporarily blocked the Biden administration's 100-day freeze on deporting unauthorized immigrants.

Why it matters: Biden has set an ambitious immigration agenda, but he could face pushback from the courts.

1 hour ago - Podcasts

Reddit is running Wall Street

Wall Street is locked in a battle of will between professional investors who live in Greenwich and amateur investors who congregate on Reddit. So far, the amateurs are winning, judging by increases in their chosen stocks, like GameStop and Bed, Bath & Beyond.

Axios Re:Cap goes deeper into what's really happening, the mechanics of stock "shorting" and what it means for the markets' future, with Axios chief financial correspondent Felix Salmon.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!