Investor Cat Rock is calling on shareholders of the British meal delivery company Just Eat to agree to the merger proposal of the Dutch company Takeaway.com. Cat Rock did that just like earlier times through an open letter. Cat Rock has a stake of approximately 3 percent in Just Eat.

The investor further urges Just Eat shareholders to reject the competitive bid of tech investor Prosus of 710 pence per share. According to Cat Rock, that is “in no proportion” to the true value of the British meal delivery service. The shareholders of Just Eat can only consider a Prosus bid if it is increased to at least 925 pence per share.

Cat Rock also warns that Prosus can lower the acceptance threshold for its bid to 50 percent of all Just Eat shares. If that is achieved, Just Eat will become a listed company where Prosus is the major shareholder. The other shareholders have less control over such a situation. The chance that Prosus will take such a step is “considerable”, says Cat Rock.