DoorDash’s grab for Deliveroo puts brakes on London’s tech hopes

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Financial Times 1d ago

DoorDash’s grab for Deliveroo puts brakes on London’s tech hopes - Financial Times

Quick Summary:

Giles Thorne, analyst at Jefferies, said Deliveroo had done “everything right” but was the latest in a “long succession” of UK-listed companies to be snapped up “cheaply” by larger American groups.“They consistently set guidance that they met; they had a good balance sheet.

Sean Kealy, analyst at Panmure Liberum, said Deliveroo’s disappointing time on the public markets owed to external factors such as the tailing-off of heightened demand during the Covid-19 pandemic and regulatory concerns, such as over its treatment of riders.

While both companies expanded rapidly, it was DoorDash that emerged as an industry leader, helped by a blockbuster New York IPO in which its shares rose 86 per cent on their first day of trading in 2020.