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.

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.

Deliveroo's share prices experienced a surge following the announcement of a £2.7bn ($3.61bn) takeover proposal from US competitor DoorDash.