Deliveroo gets £2.7 billion buyout proposal from US rival DoorDash

Deliveroo gets £2.7 billion buyout proposal from US rival DoorDash
British meal delivery company Deliveroo said on Friday (April 25) it received a proposal from U.S. peer DoorDash on April 5 to buy all of its shares for £2.7 billion. Deliveroo announced that its board has reviewed DoorDash's proposal of 180 pence per share and would likely recommend it to shareholders, contingent upon agreeing on the other terms of the offer. Should a firm offer of £1.80 a share be made, Deliveroo said, “it would be minded to recommend such an offer to Deliveroo shareholders.
“There can be no certainty that any firm offer for Deliveroo will be made. At this time, shareholders are advised to take no action in respect to the possible offer,” the company said in a statement. The company gave DoorDash until May 23 to give a firm offer, according to Reuters. JPMorgan is advising Doordash, according to a source familiar with the matter. DoorDash is currently the largest food delivery app in the United States, with 42 million monthly active users in 2024. The San Francisco-based company was founded in 2012 and has a presence in more than 25 countries. Read more…….