Latest news with #Shu
Yahoo
3 days ago
- Business
- Yahoo
Is DoorDash Planning To Gobble Up Europe? Company Strikes $3.9 Billion Deal To Buy UK Food Delivery Company Deliveroo
DoorDash (NASDAQ: DASH) is synonymous with food delivery in the U.S., and now it appears the company is positioning itself to take on the European delivery giant has announced it will acquire U.K.-based Deliveroo in a $3.9 billion deal. U.K.-based Deliveroo is like DoorDash in that it is one of the most recognizable names in its geographic market. The deal, which Reuters says both sides have been working on for the last several months, is indicative of a changing landscape in the food delivery business. According to Reuters, the sector has been struggling due to several factors. First, inflation and increased costs have forced consumers to tighten their belts, and dialing back on luxuries like dinner delivery is an easy way to cut expenses. Second, there is an overabundance of competitors in the sector. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – The two obstacles to profit have created an environment where consolidation is much more likely. AJ Bell Investment Director Russ Mould told Reuters he believes the entire sector has been weakened by an oversaturation of delivery services competing for the same customers. That kind of climate inevitably means that some food-delivery services operating today will not survive the current downturn. 'Only the strongest will survive, and they're the ones picking up smaller rivals who realize their future is [the] best part of a bigger entity, and not going it alone,' he said. DoorDash may have gotten a good deal on the final price. According to Reuters, Deliveroo shares are trading on the London Stock Exchange for less than half of their 2021 IPO price. Deliveroo CEO Will Shu, who delivered meals himself during the company's formative years, was philosophical about the current business climate and its effect on the company's share price. Trending: Invest where it hurts — and help millions heal:. 'That was a different time, (and) a different interest rate environment," Shu told Reuters. He was optimistic about Deliveroo's long-term future, but also very aware of how much competition his company was facing. 'The board and myself evaluated that and said, 'Where do we think Deliveroo should be in order for us to truly win?' And we thought this was the right place for us,' he said. Shu's analysis illustrates the reality of being a CEO of a company. You have a duty to your shareholders and investors to do what's best for the company, even if that means being acquired at a relative discount by a larger company. With that said, it's not all bad news for Shu. Reuters estimates that he will receive roughly $215 million for his Deliveroo shares. "I could not be more excited by the prospect of what DoorDash and Deliveroo will be able to accomplish together," said DoorDash CEO Tony Xu. " We'll cover more than 40 countries with a combined population of more than 1 billion people, enabling us to provide more local businesses with the tools and technology they need to thrive." Reuters estimates the two companies did roughly $90 billion in delivery orders in 2024. Read Next: Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Is DoorDash Planning To Gobble Up Europe? Company Strikes $3.9 Billion Deal To Buy UK Food Delivery Company Deliveroo originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Barnama
5 days ago
- Barnama
International Museum Day: Trend Of Exchanging Local Specialties Tears Across World Of Cultural Relics
CHENGDU, China, May 29 (Bernama) -- May 18 is International Museum Day. This year, a trend of 'specialty swap' has swept into the world of cultural relics. Under the initiative of the Sichuan Provincial Cultural Heritage Administration, three major museums in Southwest China—Sanxingdui, Jinsha, and Luojiaba—have launched a cross-time-and-space 'cultural relics delivery' event. In southwestern China, the Sichuan Basin is a land where diverse civilizations converge. The Ba and Shu cultures complement each other, with the former being vigorous and martial and the latter refined and scholarly, blending harmoniously. The ancient Shu people were romantic and imaginative, as evidenced by their Bronze Mythical Tree and the Sun and Immortal Birds that embodied cosmic visions. The Ba people were valiant and warlike, as reflected in their bronze weapons and battle-themed engravings that recorded their tribal memories. These two cultures merged in their interactions, jointly crafting the rich and diverse chapter of the Ba-Shu region within the broader tapestry of Chinese civilization.
Saudi Gazette
19-05-2025
- Sport
- Saudi Gazette
Crazy Raccoon's victory at OWCS Champions Clash 2025
The ES TIMES — Crazy Raccoon claimed the OWCS Champions Clash 2025 title, securing their place in the Midseason Championship and achieving long-awaited revenge. The tournament, held at the Hangzhou Esports Center, brought together some of the strongest teams in the Overwatch Champions Series. Crazy Raccoon began their campaign with a solid 2-0 victory over Spacestation Gaming in the Upper Bracket quarterfinals, but their journey was temporarily halted after a 3-1 loss to NTMR in the semifinals, sending them to the Lower Bracket. Despite the setback, the team bounced back with great determination, defeating 3-1 and then sweeping Once Again 3-0. In an anticipated revenge match, they defeated NTMR 3-0 to secure their place in the Grand Final. In the final, Crazy Raccoon faced Team Falcons, the same team that defeated them in the 2024 OWCS World Finals. This time, Crazy Raccoon prevailed 4-2, a victory that served as a salve for their well-deserved title. Support player Kim "Shu" Jin-seo expressed his feelings on social media, saying, "GGs all. It's painful to lose to the Falcons. But it also feels so good to beat the Falcons." This victory represented a true moment of redemption for Shu and his teammates, who finally succeeded in overcoming the team that denied them the title last year. Shu also received the MVP award for the OWCS Champions Clash for his outstanding performance. As for player Choi "MAX" Su-min, he shared his feelings of gratitude towards the fans via a message in Japanese, noting that their continued support was behind this achievement, adding, "I love my team with all my heart." With this victory, Crazy Raccoon officially qualified for the OWCS Midseason Championship, scheduled to be held as part of the Esports World Cup 2025.
Fashion United
08-05-2025
- Business
- Fashion United
Delivery service Deliveroo acquired by US' DoorDash
British delivery service Deliveroo has been snapped up in a 2.9 billion pound acquisition by US commerce platform DoorDash, which is looking to expand its operations. The enlarged group will now have a presence in over 40 countries, generating a total gross order value of around 90 billion dollars, according to 2024 figures. A notable part of plans for the group revolve around Deliveroo's recent expansion beyond food delivery and into retail. Through Deliveroo Hop, its on-demand delivery service, the company has partnered with the likes of Ann Summers, Boots and clothing rental platform Hurr to speedily deliver fashion and lifestyle products to its users. In a press release announcing the takeover, DoorDash said the shared mission of serving merchants across multiple categories in local commerce drives greater earnings opportunities for couriers and more revenue for merchants. As such, the duo are looking to further improve consumer retention and order frequency in this respect, while additionally investing in the growth of local commerce on a global scale, including via Deliveroo's business in the UK and other operating regions. Commenting on the news, Deliveroo CEO and co-founder, Will Shu, said the company was 'at the beginning of a transformative new chapter', with both DoorDash and Deliveroo presenting a 'shared strategic vision and aligned values'. Shu added: 'Together, we will be even better positioned to serve consumers, merchants, riders and local communities. The Enlarged Group will have the scale to invest in product, technology and the overall consumer value proposition.'
ITV News
06-05-2025
- Business
- ITV News
Deliveroo agrees to £2.9 billion takeover by US counterpart DoorDash
Business Food delivery service Deliveroo has agreed to a takeover by its US counterpart DoorDash in a deal worth around 2.8 billion. San Francisco-based DoorDash is buying London-listed Deliveroo for 180p a share in cash, in a deal that could create a combined company operating in 40 countries and processing around 90 billion US dollars (£67.7 billion) of orders each year. The firms said: 'The combination with Deliveroo will strengthen DoorDash's position as a leading global platform in local commerce, enabling the combined entity to better serve businesses, consumers and couriers.' Deliveroo, which was co-founded by chief executive Will Shu in 2013, operates in nine countries and works with more than 130,000 riders across the world. We are now at the beginning of a transformative new chapter. 'DoorDash and Deliveroo are like-minded organisations with a shared strategic vision and aligned values," Mr Shu said. 'Together, we will be even better positioned to serve consumers, merchants, riders and local communities. 'The enlarged group will have the scale to invest in product, technology and the overall consumer value proposition.' DoorDash, founded in 2013 by current chief executive Tony Xu, operates in more than 30 countries and delivers more than 2.5 billion orders a year, generating £8 billion in revenue in 2024. Mr Xu added: 'I could not be more excited by the prospect of what DoorDash and Deliveroo will be able to accomplish together. 'We'll cover more than 40 countries with a combined population of more than one billion people, enabling us to provide more local businesses with the tools and technology they need to thrive.' The deal is expected to be completed in the final three months of 2025 but will need to be approved by Deliveroo's shareholders.
