Following the rejection of an initial €11.5 billion takeover offer, Uber is considering increasing its bid for German food delivery giant Delivery Hero. Several shareholders have indicated they expect an acquisition price exceeding €40 per share, which would value the company at approximately €13 billion.
Delivery Hero confirmed in a statement last Saturday that it had received an initial, unsolicited proposal from Uber at €33 per share, valuing the company at over €10 billion. This offer was, however, rejected by major shareholders. According to informed sources, Uber subsequently presented a new offer of €38 per share to a significant shareholder, which was also not accepted. Uber's board of directors convened a meeting last Saturday to assess the progress of the acquisition and discuss whether to further raise the bid.
Concurrently, Uber has been steadily increasing its stake in Delivery Hero. The company disclosed that its shareholding has risen from about 7% to 19.5%, making it the largest shareholder in Delivery Hero. Additionally, it holds derivative instruments representing an extra 5.6% economic interest. Reports suggest Uber is planning further derivative purchases to raise its indirect stake to over 30%. This move is seen as signaling acquisition intent while preserving flexibility for a formal bid.
Delivery Hero is actively advancing a strategic review process. Its board is considering options including a full sale of the company or a potential spin-off of its Middle Eastern and South Korean business segments. The company's fundamentals remain solid. Its Q1 2026 financial report showed Group Gross Merchandise Value grew 8.8% year-over-year to €12.47 billion, while Segment Revenue increased 17.8% to €3.73 billion. The company reaffirmed its full-year guidance, expecting adjusted EBITDA to reach the upper end of its €910-960 million range.
Notably, competitor DoorDash has also expressed interest in potentially bidding and has reportedly sounded out relevant Delivery Hero shareholders. However, analysts point out that whichever suitor succeeds would face significant antitrust scrutiny. Investment bank Jefferies noted that Uber and Delivery Hero have overlapping operations in 22 global markets, nine of which are in Europe, suggesting the deal would encounter "numerous complex antitrust issues."
A final transaction price has not yet been agreed upon, negotiations are ongoing, and the deal may still fall through.