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.

Deliveroo Plc shares surged by more than 18% on Monday, the most since 2021, after the British delivery firm disclosed an acquisition offer from DoorDash Inc.

DoorDash wants to buy Deliveroo, which operates in markets around Europe and the Middle East, for $3.6 billion.