Uber is considering a raised bid for rival Delivery Hero after its initial offer of €33.9 or $38.29 per share on Saturday was rejected. This sent the German group’s stock up as much as 12.7%, their highest since late 2024.
Delivery Hero added that it “remains fully focused on executing its strategic review process and further updates will be provided as required or appropriate.”
If the deal is successful, this would represent further consolidation in the food delivery sector, following in the footsteps of DoorDash’s acquisition of Deliveroo, and Prosus, which bought Just Eat last year.
At an intraday high of €37.85 (about $44) — its highest level since Nov. 29 — Delivery Hero was valued at about €11.5 billion ($13.4 billion). Shares of the German food delivery company were on track for an 11th consecutive session of gains, rising more than 80% during that stretch.
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Delivery Hero had faced major shareholder pressure over strategy and earlier in May, the company said its CEO Niklas Oestberg will step down, following campaigns by several large shareholders for a strategic review at the food delivery group.
Last year, Delivery Hero said it was reviewing capital allocation measures and evaluating strategic options, as it came under pressure from several shareholders.
Uber is already Delivery Hero’s largest shareholder after increasing its holding in the German company to 19.5% of issued capital from roughly 7% earlier this month.
Brokerage Jefferies, in a note to clients, pointed to “a myriad of antitrust issues to unravel,” given Uber overlaps with Delivery Hero in 22 markets, nine of which are in Europe.
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People familiar with the matter had told Bloomberg that Uber has been speaking to other Delivery Hero investors about its interest in a deal, and is working with advisers to study ways to increase its holding further. One of the people also said that the company may need antitrust approval before crossing certain ownership thresholds. They had also said there is no guarantee that they’d reach a deal.
Delivery Hero could fetch between $15 billion and $18 billion in a deal with Uber, Bloomberg Intelligence analysts Mandeep Singh and Robert Biggar wrote in a note published on Friday, before Uber’s indicative offer was public. They said such a takeover would sharply expand Uber’s footprint in emerging markets, strengthening the U.S. company’s global position.
The FT report also mentioned Uber’s rival DoorDash is also interested in Delivery Hero. The report said that DoorDash is mainly interested in the company’s Middle East business, including Talabat and HungerStation.