Shares of Deliveroo, a food delivery service based in London, were hitting three-year highs on Monday after it received a $3.6 billion proposed takeover offer from DoorDash, the Associated Press reports.
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. The company 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.
DoorDash currently runs its business in the U.S., Canada, New Zealand and Australia.
