The British meal order company Just Eat remains behind the merger proposal with Takeaway.com. Even now that tech investor Prosus has increased its offer, it still does not do justice to the value of Just Eat, says the company’s board.

Prosus and Takeaway are engaged in a takeover battle for Just Eat. On Monday, Prosus increased its offer to 740 pence per share, with which Just Eat was charged a price tag of 5.1 billion pounds (6.1 billion euros). Takeaway’s offer involves a merger through a stock deal.

The board of Just Eat previously unanimously supported the merger proposal of the Dutch company Takeaway, which aims for support from 75 percent of the shareholders, and that has not changed with the higher offer from Prosus.

If the merger deal continues, Just Eat Takeaway.com will be based in Amsterdam, but will take over the listing of Just Eat on the London stock exchange. The listing of Takeaway in Amsterdam is canceled.

Prosus applies an acceptance threshold of 50 percent of the shares plus one. Shareholders have until December 27 to agree to the offer. According to Just Eat, Prosus’ higher offer also shows a “significant undervaluation”.