DoorDash Agrees On Final Cash Offer To Buy Delivero For GBP 2.9 Bln

(RTTNews) - Delivery service compay DoorDash Inc. (DASH) Tuesday announced that it has reached agreement on the terms of a recommended final cash offer to acquire British peer Deliveroo plc (DROOF) in approximately 2.9 billion pounds deal.

The terms of the acquisition imply an enterprise value of Deliveroo of approximately 2.4 billion pounds, the company noted.

Under the deal, to be effected by means of a Scheme of Arrangement, each Deliveroo Shareholder will be entitled to receive 180 pence in cash.

The deal price represents a premium of approximately 44 percent to the Closing Price of 125 pence per Deliveroo Share on April 4, being the last business day prior to DoorDash's offer letter to Deliveroo in respect of the acquisition.

The offer also represents 29 percent to the Closing Price of 140 pence per Deliveroo Share on April 24, being the last business day prior to the commencement of the offer period.

The Deliveroo Independent Committee intends to recommend unanimously that Scheme Shareholders vote in favour of the Scheme at the Court Meeting and that Deliveroo Shareholders vote in favour of the Resolutions at the General Meeting.

DoorDash said it has received irrevocable undertakings with respect to approximately 15.429 percent of the Deliveroo Shares in issue so far.

For the fiscal year 2024, Deliveroo reported 7.1 billion pounds GTV, revenue of approximately 2.0 billion pounds and adjusted EBITDA of approximately 140 million pounds.