The Deliveroo PLC (LSE:ROO) board has agreed on a £2.9 billion takeover offer from US peer DoorDash Inc (NYSE:DASH).
DoorDash said it made a formal offer of 180p, the same price as the indicative offer it made a week last Friday , which the board of the FTSE 250-listed company has accepted.
An independent committee formed by the board to exclude founder and CEO Will Shu and Tom Stafford, whose DST Global firm has a 7.5% stake, and advisers Goldman Sachs considered the terms of the deal to be fair and reasonable.
Shu said: "We are now at the beginning of a transformative new chapter. DoorDash and Deliveroo are like-minded organisations with a shared strategic vision and aligned values. Together, we will be even better positioned to serve consumers, merchants, riders and local communities."
The San Francisco-headquartered firm said the financial terms of the deal are "final and will not be increased", unless a rival offer arrives.
It said Deliveroo has "built one of the leading local commerce platforms across its key geographies" and the enlarged group will have a global presence in over 40 countries, serving approximately 50 million monthly active users.