A MAJOR Just Eat shareholder yesterday urged fellow investors to back a takeover offer from Takeaway.com, saying the deal was necessary to avert the firm's "terrible value destruction".

Cat Rock Capital, which holds a stake of roughly 2.6 per cent in the delivery firm, threw its weight behind Takeaway's offer, which values Just Eat's shares at roughly 690p each.

The investment firm argued that the combined company could "comfortably be worth over 1,200p by the end of 2020", while a rival bid from Prosus "significantly undervalues" Just Eat and was less attractive for shareholders.

(c) 2019 City A.M., source Newspaper