LONDON — British food delivery firm Deliveroo on Monday said it has agreed to a takeover offer from American rival DoorDash that values the company at £2.9 billion ($3.9 billion).

Deliveroo, which lets users order hot meals and groceries via an app, said its board agreed to an offer from DoorDash to acquire all issued and to be issued shares in the company for 180 pence a share.

That marks a 44% premium to Deliveroo’s closing price on April 4, the last business day prior to DoorDash’s initial offer letter.

Deliveroo shares jumped to a three-year high last week after the company confirmed it had received a takeover offer from DoorDash.

The transaction values Deliveroo at £2.9 billion on a fully diluted basis, the company said.

DoorDash said that the financial terms of the acquisition were final and would not be increased unless a third party steps in with a rival bid.

“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 1 billion people, enabling us to provide more local businesses with the tools and technology they need to thrive,” said Tony Xu, CEO and Co-founder of DoorDash.

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