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Prosus NV has raised its bid for U.K. food delivery firm Just Eat Plc as it tries to win over investors and beat out an offer from rival Takeaway.com NV.

The technology investment company, spun out of Naspers Ltd., increased its cash offer to 740 pence per share, valuing Just Eat at about 5.1 billion pounds ($6.7 billion), Prosus said in a statement on Monday.

Just Eat’s management has been encouraging investors to vote for Takeaway’s all-share deal, which would give them scale and access to Takeaway’s technology. Management has continued to say Prosus’s offer undervalued the company even as a slide in Takeaway’s share price pushed down the value of its all-stock offer. As of Friday, Takeaway’s bid valued Just Eat shares at 710 pence each.

Prosus needs investors with more than 50% of shares to agree to the deal for it to go through.

Investors have been holding out for more. Just Eat’s shares have been trading above both offers. The stock closed at 777 pence on Friday.

Aberdeen Standard Investments, which holds about 5% of Just Eat, said previously that Prosus needs to increase its offer by 20%. The investor also wanted Takeaway to increase its bid. Eminence Capital, which holds about 4%, in September said Takeaway’s bid undervalued Just Eat and that it planned to vote against that deal.

Cat Rock Capital Management, which owns shares in both Takeaway and Just Eat, has been lobbying Just Eat holders to take the Takeaway deal and has said that the combination would create a company worth 1,200 pence per share by the end of next year.

Prosus, a $114 billion technology investment vehicle spun out of South Africa’s Naspers Ltd. in September, announced a hostile bid in October for Just Eat, challenging the offer from Takeaway that was due to go through by the end of the year.

To contact the reporter on this story: Amy Thomson in London at athomson6@bloomberg.net

To contact the editor responsible for this story: Giles Turner at gturner35@bloomberg.net

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