Uber's board convened on Saturday to discuss increasing its acquisition offer for Delivery Hero, after major shareholders of the German food delivery company rejected a bid valuing the firm at over €11.5 billion.

Three informed sources stated that the Uber board meeting primarily assessed the progress of this acquisition proposal.

The sources added that Uber recently proposed an offer of €38 per share to a major shareholder of Delivery Hero, which was turned down. The San Francisco-based company is now considering raising its bid again.

As previously reported by media and confirmed by Delivery Hero on Saturday, Uber had earlier presented an offer of €33 per share to its board, corresponding to an enterprise valuation exceeding €10 billion.

Multiple sources indicated that Uber CEO Dara Khosrowshahi flew to Oslo this week to meet with Delivery Hero's supervisory board chair, Kristin Skogen Lund, and presented the €33 per share acquisition proposal.

Delivery Hero stated in a Saturday release: "Uber Technologies has expressed a preliminary interest in acquiring all shares at €33 per share."

The statement added: "The company continues to fully advance its strategic review and will provide updates in due course." No further response was provided.

Three other sources noted that rival DoorDash is also interested in acquiring Delivery Hero, having sounded out relevant shareholders, though it has not purchased any shares yet.

Several Delivery Hero shareholders told media that parties expect an overall acquisition price of no less than €40 per share. This price represents a 19% premium over last Friday's closing price, valuing the entire company at approximately €13 billion.

A final transaction price has not been settled, and both potential acquirers could walk away from a deal. Any related transaction would likely face regulatory scrutiny.

Uber disclosed on Monday that it holds a 19.5% stake in Delivery Hero, along with derivative interests equivalent to an additional 5.6%.

Sources stated that Morgan Stanley is advising Uber on this acquisition. Regulatory filings submitted by the bank on Friday show it holds a total 27% interest in Delivery Hero, primarily through equity swap instruments.

According to sources, Uber plans to increase its holdings of related derivatives to raise its indirect stake above 30%. This move would signal acquisition intent while preserving flexibility for a formal bid, a strategy similar to that used by Italy's UniCredit in its approach for Commerzbank.

It is understood that Delivery Hero's board is considering either a full sale of the company or a spin-off of its Middle Eastern and South Korean business segments.

Delivery Hero founder and CEO Niklas Östberg told investors last week that, after years of pressure from shareholders, he will step down in March 2027. Activist investor Aspokes Management, which holds a 14.6% stake, has long urged the company to streamline operations, accelerate asset disposals, and change management.