DoorDash buys Deliveroo for £2.9B — less than half its IPO price

US food delivery giant DoorDash has acquired British rival Deliveroo in a £2.9bn ($3.9bn) deal, ending the UK business’ rocky tenure as a public company.  The all-cash offer, priced at £1.80 ($2.40) per share, represents a 77% premium over Deliveroo’s recent trading price. However, the acquisition price is less than half its 2021 IPO valuation of £7.6bn. Deliveroo’s board unanimously backed the deal. CEO and co-founder Will Shu, who owns 6.4% of the company, is set to pocket £172mn.  The merger will expand DoorDash’s footprint in Europe, where it has lagged behind competitors like Uber Eats and Just Eat. Deliveroo’s…

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