Deliveroo Shares Skyrocket Following Tender Offer

Deliveroo Shares Skyrocket Following Tender Offer

2023-09-28 17:01:29

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Deliveroo Shares Surge on Tender Offer

Food delivery giant Deliveroo announced on Thursday that it has proposed a tender offer of up to £250 million to its shareholders, with a share price ranging from 115 pence to 135 pence.

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Shares in Deliveroo experienced a significant increase of 8.8% in London on Thursday morning, reaching 120p per share.

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Deliveroo, based in London, has made £250 million available to be returned through the purchase of up to 217.4 million ordinary shares, providing a premium of 6% to 24% over the closing price on Wednesday.

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The tender offer is subject to shareholder approval and is set to open on Friday, with a closing date on October 27. The company anticipates dispatching the proceeds in early November.

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According to Morningstar analysts, Deliveroo shares have a fair value estimate of 215p.

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