April 28 (Reuters) - British meal delivery company
Deliveroo ( DROOF ) suspended its 100 million pound ($133.13
million) share buyback program on Monday, days after it said it
had received a proposal from U.S. peer DoorDash ( DASH ).
On Friday, Deliveroo ( DROOF ) said it had received a 2.7 billion
pound takeover proposal from DoorDash ( DASH ) on April 5 and would
likely recommend the 180 pence-per-share offer to shareholders,
subject to agreement on other terms.
The deal is expected to face no regulatory hurdles, as
it provides DoorDash ( DASH ) access to 10 new markets where it currently
has no presence, creating a highly complementary footprint -
other competitors might encounter more antitrust issues, a
source told Reuters on Friday.
On Monday, Deliveroo ( DROOF ) said its buyback was suspended with
immediate effect and any recommencement of the programme will be
announced to the market, and did not provide any other detail.
($1 = 0.7511 pounds)