DoorDash Inc (NYSE:DASH) had a £2.9 billion ($3.9 billion) offer for Deliveroo PLC (LSE:ROO) accepted, but the San Francisco group's announcement had a telling omission, analysts said.
An indicative offer of 180p per share, which was announced a week last Friday, was firmed up as a formal offer and the board has accepted on the same terms, the New York-listed company said on Tuesday.
So far, irrevocable undertakings to back the deal have been received from investors holding roughly 15.43% of the Deliveroo shares, namely members of the board (6.5%), plus major shareholders Greenoaks and DST Global.
Amazon, the largest shareholder, was a "notable absence" from the irrevocables list, said analysts at City broker Panmure Liberum.
Moreover, Amazon is "the most likely counterbidder", the analysts added, seeing the price as "by no means a knockout valuation" and offering potential for such a rival bid.
"That absence doesn't mean they will bid – but if Amazon had granted irrevocables, this prospect would be dead."
The analysts also noted that the offer references DoorDash's intention to increase financial investment into Deliveroo to support its competitive efforts in its markets; "a clear indication that this is a case of DoorDash acquiring the business to accelerate its growth through additional financing".
Analyst Kathleen Brooks noted that the deal "has been a long time coming", and the 40% premium on the share price was a "nice sweetener" for investors but still well below the 2021 peak for the share price at 395p.
"This deal is good news for short-term holders of Deliveroo shares, but it is still a blow for those who have been holding the shares since the IPO.
"Deliveroo’s sale is the end of the road for one of the most hyped IPOs in the UK in recent memory, which ended up promising more than it could deliver."