Investment firm Prosus has urged shareholders in Just Eat to accept its £4.9bn (€5.7bn) hostile bid as soon as possible, as a bidding war intensified for the delivery giant.

Prosus said investors should accept the offer, at least by December 11, the first closing date. However Just Eat’s board last month called on its shareholders to reject the bid, saying it “significantly undervalues” the business.

Prosus also lowered the bar for success, saying investors holding 75pc of shares in Just Eat will need to accept its bid.

It had previously aimed for a 90pc acceptance rate.

The deal offers 710p in cash for Just Eat’s shares, 20pc higher than the board’s plan to merge with Dutch delivery firm Takeaway.com in a £9bn (€10.4bn) deal.

That deal valued Just Eat at 731p a share, paid in Takeaway.com shares. However the bidder’s shares have lost value, falling to €73.20, from €83.55.

Prosus chief executive Bob van Dijk said the bidder had met “several” shareholders and will speak to more in the coming days.

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