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LONDON - DoorDash, Inc. and Deliveroo plc announced Tuesday that their proposed merger has cleared several significant regulatory conditions, moving the £3.1 billion acquisition closer to completion.
The companies confirmed that the European Union antitrust condition, Italian foreign direct investment condition, and EU foreign subsidies regulation condition have all been satisfied. Additionally, the UK Competition and Markets Authority has communicated it has no further questions regarding the transaction and has not requested a formal merger notice or initiated a Phase I investigation.
The acquisition, first announced on May 6, received approval from the required majority of Deliveroo shareholders at a court meeting on June 16. The transaction is being implemented through a court-sanctioned scheme of arrangement under the Companies Act.
The final court hearing to sanction the scheme is scheduled for September 30, with the transaction expected to become effective on October 2, pending court approval and delivery of the court order to the Registrar of Companies.
The acquisition represents a significant consolidation in the global food delivery market, combining two major players. DoorDash, headquartered in San Francisco, will acquire the London-based Deliveroo in an all-cash transaction.
Both companies stated in the press release that they will provide further updates once the court sanctions the scheme.
The information in this article is based on a regulatory announcement issued by the companies.
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