Shares in meal delivery platform Deliveroo have surged 17% as investors react to news of a £2.7bn takeover proposal.
The company revealed after the market had closed on Friday that it had been in talks since 5 April with US rival DoorDash.
Deliveroo suggested then it was likely the 180p per share offer would be recommended, though full terms were yet to be agreed.
At that price, the company’s founder and chief executive, Will Shu, would be in line for a windfall of more than £170m.
Deliveroo further announced, before trading on Monday, that it had suspended its £100m share buyback programme.
The opening share price reaction took the value to 171p per share.
That remains below the offer price and well under the 390p per share flotation price seen in 2021.
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