Deliveroo shares hit three-year highs after the London-listed food-delivery company said it received a 2.7 billion pounds ($3.59 billion) takeover approach from DoorDash that it would be prepared to recommend to shareholders if a formal offer were made.

Shares were up 23.40 pence, or 16%, at 170.0 pence in early morning European trading, marking their highest price since January 2022. They are currently up 20% over the year to date.