Uber Eyes Improved Delivery Hero Bid After €33 Offer Rebuffed

CNBC reported Monday that Uber is weighing a sweetened acquisition offer for German food delivery group Delivery Hero, sending the Berlin-listed firm’s shares surging more than 10% at the open. The development marks a fresh escalation in one of the year’s most closely watched corporate dealmaking contests.

Initial Offer Confirmed and Quickly Contested

Delivery Hero confirmed Saturday it had received a formal approach from Uber valuing the company at €33 ($38.29) per share. That implied a market capitalisation exceeding €10 billion. The German company offered little additional commentary, stating only that it remains focused on its ongoing strategic review and will update investors as necessary. Reports then emerged that one of Delivery Hero’s largest shareholders had already pushed back against that price. Uber’s board reconvened on Saturday to discuss a higher bid, according to reporting cited by CNBC.

Uber Quietly Became Delivery Hero’s Top Shareholder

The takeover drama follows a significant and largely quiet repositioning by Uber. Delivery Hero disclosed last week that the San Francisco-based ride and delivery giant had increased its stake from roughly 7% to approximately 19.5% of issued capital. That move made Uber the company’s single largest shareholder before any formal offer had even been tabled publicly. Uber’s own stock slipped 2.4% on Friday as news of its initial approach first circulated.

Also Read: DoorDash Closes Deliveroo Acquisition as Food Delivery Consolidates

A Sector Rapidly Reshaping Itself

This push fits a broader pattern sweeping the global food delivery industry. The sector has seen aggressive consolidation over the past twelve months. DoorDash completed its acquisition of Deliveroo, while Dutch technology and investment group Prosus finalised its purchase of Just Eat over the same period. A successful Uber deal for Delivery Hero would represent another major reduction in the number of independent platforms competing across Europe and beyond.

Also Read: Prosus Completes Just Eat Takeover in European Delivery Shake-Up

What Comes Next for Delivery Hero

The outcome hinges on whether Uber tables a higher figure that satisfies key shareholders. Delivery Hero’s board has signalled no urgency to transact at the current price, and its language around the strategic review suggests other options may remain on the table. Investors appear to believe a deal will ultimately get done. The 10.5% opening rally implies the market is pricing in a meaningful probability of a higher bid materialising in the days ahead.

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