Shares of Deliveroo, the food delivery service based in London, are hitting three-year highs on Monday after it received a $3.6 billion proposed takeover offer from DoorDash
ByMICHELLE CHAPMAN AP business writer
Shares of Deliveroo, the food delivery service based in London, are hitting three-year highs on Monday after it received a $3.6 billion proposed takeover offer from DoorDash.
Deliveroo announced the bid after markets closed in Europe on Friday. On Monday, the company also said that it was suspending a $133.5 million share buyback it had announced last month.
Deliveroo said Friday that its board has informed DoorDash that if a firm offer is made at the financial terms provided, it will recommend the bid to its shareholders.
Deliveroo added that its board has decided to engage in talks with DoorDash about the possible offer and has given the company access to due diligence.
Deliveroo said DoorDash must decide by May 23 whether it plans to make a firm buyout offer or not.
The proposed deal
