The battle to acquire delivery platform Just Eat is heating up with Dutch Investment company Prosus upping its bid by £200m.
The investor is offering £7.40 a share, up from Octobers offer of £7.10 a share, in a bid to derail an offer already in progress with Takeway.com.
The board of Just Eat has said the revised offer still "significantly undervalues" he business and recommended shareholders reject it.
It has said it continues to see a merger with Takeaway.com as a more attractive option for the business.
It explained: "The Takeaway.com combination is based on a compelling strategic rationale that allows shareholders to participate in the upside potential of the enlarged group and, based on its own analysis, will deliver greater value creation to Just Eat shareholders."