DoorDash to acquire Deliveroo

LONDON — British food delivery firm Deliveroo on Tuesday said it has agreed to a takeover offer from American rival DoorDash that values the company at £2.9 billion ($3.9 billion). Deliveroo, which lets users order hot meals and groceries via an app, said its board agreed to an offer from DoorDash to acquire all issued and to be issued shares in the company for 180 pence a share. That marks a 44% premium to Deliveroo's closing price on April 4, the last business day prior to DoorDash's initial offer letter. Deliveroo shares jumped to a three-year high last week after the company confirmed it had received a takeover offer from DoorDash. The transaction values Deliveroo at £2.9 billion on a fully diluted basis, the company said. Shares of Deliveroo climbed nearly 2% on Monday following news of the deal. DoorDash said that the financial terms of the acquisition were final and would not be increased unless a third party steps in with a rival bid. "I could not be more excited by the pr ... Read full article.