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.

Bloomberg’s Henry Ren explains why DoorDash’s offer to buy Deliveroo was a long time in the making. He joins Caroline Hyde on “Bloomberg Technology.” (Source: Bloomberg)

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.