The global food delivery industry is witnessing a potential multi-billion euro acquisition battle. American ride-hailing and food delivery giant Uber and its rival DoorDash have reportedly engaged with investors of German food delivery leader Delivery Hero to explore a possible acquisition. This news sparked a 10% surge in Delivery Hero's stock price on May 25, reaching an 18-month high.
According to multiple reports, Uber recently submitted a preliminary non-binding offer of 33 euros per share to Delivery Hero's board, valuing the company at over 100 billion euros. However, this offer was rejected by a major shareholder. Sources indicate that several shareholders are seeking a price exceeding 40 euros per share, representing a roughly 19% premium to the closing price before the offer and valuing the company at approximately 130 billion euros. Uber's board has convened to discuss potentially increasing its bid.
Simultaneously, another American food delivery platform, DoorDash, is actively pursuing its own strategy. Reports suggest DoorDash has approached relevant Delivery Hero shareholders regarding acquisition interest, with a primary focus on Delivery Hero's Middle Eastern operations, including its platforms Talabat and HungerStation. To strengthen its position, Uber recently increased its stake in Delivery Hero significantly from about 7% to 19.5%, with an additional 5.6% held through derivatives, making it the company's largest shareholder.
Delivery Hero confirmed in a statement that it received Uber's preliminary acquisition interest. The company stated it is fully engaged in a strategic review process and will provide further updates at the appropriate time. Despite the widespread acquisition rumors, analysts warn the deal would face significant antitrust scrutiny. Investment bank Jefferies noted in a report that, due to business overlaps between Uber and Delivery Hero in 22 markets, 9 of which are in Europe, the transaction would encounter "a number of complex antitrust issues to be addressed."
From a fundamental perspective, Delivery Hero has shown solid recent performance. The company's Q1 2026 results reported Group Gross Merchandise Value (GMV) increased 8.8% year-over-year to 12.47 billion euros, and segment revenue grew 17.8% to 3.73 billion euros. The company reaffirmed its full-year adjusted EBITDA guidance, expecting to reach the upper end of the 910-960 million euro range. Analysts believe the competitive bidding environment and the company's strong fundamentals could further drive up the final acquisition premium. The ultimate transaction price has not yet been finalized, and related negotiations are ongoing.