Just Eat is at the centre of a bidding war after investment firm Prosus announced a £4.9 billion bid to buy the food delivery group, months after it agreed a merger with Dutch rival Takeaway.com.

Shares in Just Eat soared after the global tech investor announced the 710p-per-share offer for the UK-based firm.

The board of Just Eat subsequently rejected the hostile approach, saying it "significantly undervalues" the business, and urged shareholders to do the same.

In July, Just Eat announced plans to merge with Takeaway.com in a £9 billion deal.

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Prosus said its offer provides a 20% premium to the 594p-per-share offer from the Dutch company.

It said it had approached the directors at Just Eat with a number of proposals but failed to secure an agreement.

Prosus said it had decided to make its bid public to give shareholders an opportunity to consider the offer.

Just Eat said it has corresponded fully with Prosus with the intention of allowing it to "put forward an attractive and compelling valuation" but that its expectations have not yet been met.

The board said the proposed merger with Takeway.com will "provide it with first-mover advantage" in a consolidating sector as well as synergies from the deal.

On Monday, Just Eat posted rapidly growing sales in the third quarter despite a backdrop of "softer consumer spending".

Shares in the company jumped 24.1% to 731.6p on Tuesday morning, above the offer price, suggesting that some investors feel a higher bid could still be tabled.

Pendragon have more than tripled the company's bottom line as they controlled costs by slashing bonuses in the face of Brexit.

The car retailer, one of the UK's largest, brought costs under control in the three months to September 30 as Brexit uncertainty made it trickier to convince customers to buy cars.

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After slashing bonus payments for executive directors, closing stores, and trying to make the business more efficient, management were rewarded with a £3 million underlying profit before tax.

It compares to £1.1 million in the same period last year, and is a major improvement on the first half of the year when the firm lost £32.2 million.

"In our view, these cost reductions are sustainable and reflect a more agile cost base which better matches a poor macro environment," James Winckler, an analyst at Jefferies, said.

Although the results were better than some analysts had expected, Sanjay Vidyarthi at Liberum had a warning for investors.

"It remains far too early to call the recovery from a trading and strategic perspective," he said.

The company closed 22 of its Car Stores, with the last shutting their doors on October 18.

Like-for-like revenue on sales of new cars grew 11%, but they fell 16.7% for used cars.

Costs fell by 8% over the period as a proportion of operating and interest costs.

Travis Perkins blamed "unprecedented" uncertainty as it put the brakes on the sale of its plumbing and heating business.

The builders' merchant said it was pausing the disposal of the unit, which was put on the market last year, but would continue with plans to demerge DIY chain Wickes from the group.

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"Given the current unprecedented level of uncertainty, we have decided to pause the sale process of the plumbing and heating business for the time being," Travis Perkins said in a message to shareholders on Tuesday.

The company set out plans to divest the plumbing business in December last year as it tried to rein in costs.#

Analysts at Peel Hunt called the decision to pause the sale "disappointing".