Just Eat said shareholders should reject a takeover bid from Prosus on the basis that it undervalued the company.

The food-delivery company continued to recommend a rival bid from Takeaway.com.

Prosus announced its offer for Just Eat of 710p per share, with the terms of the proposed deal unchanged from an announcement of 22 October 2019.

Just Eat said it continued to believe that the Prosus offer 'significantly undervalued Just Eat both on a standalone basis and as part of the proposed recommended all-share combination with Takeaway.com.

'Accordingly, the board of Just Eat continues to unanimously recommend the Takeaway.com Combination to Just Eat shareholders,' it added.

The food-delivery company said it would write to shareholders within the next 14 days with its formal response to the Prosus offer.

At 9:20am: (LON:JE.) Just Eat share price was -1.5p at 736.5p