BUZZ-DoorDash falls after decision to buy Deliveroo
Reuters
May 06
BUZZ-DoorDash falls after decision to buy Deliveroo
** Shares of U.S. meal delivery platform DoorDash DASH.O fall nearly 1% to $203.50 in trading before the bell
** DASH will buy DeliverooROO.L in a deal valuing the British rival at about 2.9 billion pounds ($3.86 billion)
** The companies rekindled talks last month after DoorDash approached Deliveroo with a 180 pence per share proposal, which was confirmed on Tuesday as the final offer
** The acquisition will help DoorDash grow its market share in Europe, competing against Just Eat and Uber Eats
** As of last close, DASH was up nearly 22% YTD
($1 = 0.7514 pounds)
(Reporting by Pritam Biswas in Bengaluru)
((Pritam.Biswas@thomsonreuters.com))
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