Online e-commerce food delivery company Deliveroo’s shares surged over 17% to a three-year high after confirming a $3.6 billion takeover bid from U.S.-based DoorDash, prompting the suspension of its £100 million share buyback. The proposed deal, which Deliveroo’s board is inclined to recommend, comes shortly after the firm reported its first annual profit and reflects ongoing consolidation in the on-line, global food delivery sector. Analysts expect minimal regulatory pushback due to the firms’ non-overlapping markets, though critics highlight the deal as another setback for the UK’s ambitions to retain tech listings.
Deliveroo Shares Soar to Three-Year High After U.S. Giant DoorDash Makes Takeover Bid
