Deliveroo (LON: ROO) shares surged more than 16% on Monday after the company announced the suspension of its £100 million share buyback programme following a takeover proposal from US rival DoorDash.
In a statement, Deliveroo said it had “suspended with immediate effect” the buyback plan, which had been launched in March 2025.
The company added that any recommencement of the programme would be separately announced.
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The move comes after Deliveroo confirmed last week that it had received an indicative proposal from DoorDash on 5 April 2025, offering 180 pence per share in cash for the entire issued and to be issued share capital of the company.
The Deliveroo board indicated it would recommend the proposal to shareholders should a formal offer be made, subject to agreement on other terms.
Deliveroo has since granted DoorDash access to due diligence and engaged in discussions with DoorDash. However, it stressed there is no certainty that a firm offer will materialise.
Under takeover rules, DoorDash has until 23 May 2025 to either announce a formal bid or walk away.
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