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.

The food-delivery company said it received a $3.59 billion takeover approach that it would be prepared to recommend to shareholders, if a formal offer were made.

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.