Uber Technologies Inc. is exploring a full takeover of Delivery Hero SE, a German delivery company listed in Frankfurt, valuing the deal at about €10 billion (US$11.6 billion) [1, 2, 3]. Uber disclosed it owns about 19.5% of Delivery Hero shares plus 5.6% in options, making it the largest shareholder [1, 4, 3, 5].
Uber made a takeover offer on May 23 at €33 per share, but Delivery Hero confirmed receipt and said it remains focused on its strategic review process, offering no immediate acceptance [5, 6, 7]. Delivery Hero shares climbed almost 10% two days later to about €36.88, well above Uber’s offer, marking their highest level since November 2024 [8, 9, 10].
Uber’s initial offer showed no premium over Delivery Hero’s previous closing price and was reportedly rejected by some major shareholders [2, 9, 5]. Prosus, holding about 17% of the company, and Aspex Management, with roughly 14%, are demanding prices above €40 per share [2, 8, 9, 5, 11]. Barclays analysts stated, "We think there is defendable value well above €40 with ways to get there either through a breakup or a bid for the whole company" [8].
Uber’s board met May 23 to discuss raising its offer after rejection of bids above €38 per share by a major shareholder [11, 12]. Uber CEO Dara Khosrowshahi personally met Delivery Hero’s supervisory board chair Kristin Skogen Lund on May 23 to present the €33 offer [5, 11, 7].
The potential deal faces regulatory scrutiny, especially in the European Union, where antitrust concerns have been raised [8, 3]. Meanwhile, DoorDash has shown interest in Delivery Hero’s Middle East business, Talabat, but has not submitted a formal bid [2, 9, 5, 11].
Delivery Hero remains under pressure from shareholders amid its ongoing strategic review, and CEO and founder Niklas Ostberg plans to step down in March 2027 [2, 8, 7].
Uber’s acquisition of Delivery Hero would strengthen its global position outside the US and accelerate consolidation in the food delivery sector [1, 3]. As of now, no updated takeover offer has been announced. Market watchers await whether Uber will raise its bid to meet shareholder demands exceeding €40 per share.
