Deliveroo said to have held takeover talks with Doordash, shares spark
By Michele Maatouk
Date: Wednesday 26 Jun 2024
(Sharecast News) - Deliveroo shares sparked on Wednesday following a report that US meal delivery group Doordash flagged interest in a takeover of the UK company last month.
Reuters cited sources as saying that San Francisco-based Doordash made the approach to Deliveroo, but talks ended after disagreement on valuation. It was understood there are no talks ongoing.
Doordash and Deliveroo both declined to comment to Reuters.
At 0805 BST, Deliveroo shares were up 4.9% at 133.70p.
Jefferies said in a research note: "In this instance, the talks have failed. But such is the strength of the financial, industrial and strategic logic of a Deliveroo takeover, we would not be surprised to see similar such headlines to re-emerge in the short term.
"In our view, the key to unlocking a recommended offer from Deliveroo is understanding the sensibilities of the Founder CEO, Will Shu. This may only be the start."
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