Deliveroo has confirmed it is minded to accept a £2.7bn cash offer from US rival DoorDash, suspending its share buyback programme and granting access to due diligence.
DoorDash now has until 23 May to make a firm offer. Shares in Deliveroo jumped 17% on the news.
Deliveroo was valued at £7.6bn when it floated in March 2021, but lost a quarter of its value shortly afterwards. Shares were valued at 146p when markets closed on Friday.
