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.

Deliveroo said that “it would be minded to recommend such an offer” to its shareholders, assuming an offer is made on those terms.

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.