LONDON (AP) — Food delivery company Just Eat has rejected a takeover offer from South Africa's Prosus N.V., saying that the 4.9 billion-pound ($6.2 billion) cash offer "significantly undervalues" it.

Prosus, which is owned by South African internet retail group Naspers, has now raised its takeover offer for Just Eat twice, only to still be rejected.

Just Eat has operations in many European countries as well as Australia, Canada, Mexico and Brazil, among others. It said in a statement issued Tuesday that its board "unanimously recommends that shareholders reject the Prosus offer."

The bid comes at a time when investors are lowering the valuation of some online businesses, with workspace startup WeWork struggling financially and some IPOs not doing as well as hoped.