Tony Xu has picked a good time to chow down on a rival. The DoorDash chief executive has offered to gobble up Deliveroo , valuing his British peer at $3 billion after deducting net cash. While the $79 billion U.

The food-delivery company said it received a $3.59 billion takeover approach that it would be prepared to recommend to shareholders, if a formal offer were made.

Deliveroo's board received a cash offer of 180 pence per Deliveroo share, valuing the company at around $3.6 billion