Investing.com -- BDL Capital Management, a Paris-based asset manager, has claimed that Prosus (OTC: PROSF )’ offer to purchase Just Eat Takeaway.com is unjust to minority shareholders.

On Tuesday, BDL released a report stating that the price offered by Prosus, a Dutch technology investor, undervalues the company.

In late February, Prosus made a bid to acquire Just Eat Takeaway at a rate of 20.3 euros per share.

BDL’s fair value calculation suggests that the share price should be 56.1 euros. This figure is based on an analysis of enterprise value-to-gross transaction value (EV/GTV) and EV-to-EBITDA multiples from previous Just Eat transactions, other transactions in the sector, and listed peers.

The asset manager also considered Just Eat’s 2025 guidance, its inherent value, and potential synergies, which it estimates to exceed 100 million euros ($107.9 million) annually.

These factors were all taken into account in BDL’s valuation, leading to its conclusion that Prosus’ offer falls short of the company’s fair value.

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