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.

Shares of Deliveroo, the food delivery service based in London, are hitting three-year highs on Monday after it received a $3.6 billion proposed takeover offer from DoorDash.

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