Shares of Deliveroo, the food delivery service based in London, jumped 17% for a three-year high Monday after it received a $3.6 billion proposed takeover offer from DoorDash.

Deliveroo announced the bid after markets closed in Europe on Friday. On Monday, the company also said it was suspending a $133.5 million share buyback it had announced last month.

Deliveroo said Friday that its board has informed DoorDash that if a firm offer is made at the financial terms provided, it will recommend the bid to its shareholders.

Deliveroo said DoorDash must decide by May 23 whether it plans to make a firm buyout offer or not. DoorDash operates in the U.S., Canada, New Zealand and Australia. — Associated Press