According to informed sources, Uber's board of directors held a meeting on Saturday to discuss increasing its offer for German food delivery group Delivery Hero. Previously, a major shareholder of Delivery Hero rejected Uber's acquisition proposal, which valued the group at over €11.5 billion (approximately $13.39 billion). Sources indicated that the board convened to review the progress of its acquisition efforts. Delivery Hero confirmed on Saturday that it had received a takeover offer from its competitor Uber, valuing the company at €33 per share. Uber CEO Dara Khosrowshahi flew to Oslo this week to meet with Delivery Hero's supervisory board chairperson, Kristin Skogen Lund, and presented the €33 per share offer during the meeting. Sources added that Uber recently proposed a €38 per share offer to one of Delivery Hero's largest shareholders but was turned down. This offer represented a premium of about 15.3% over Delivery Hero's closing price on Friday. Uber is currently considering whether to raise its offer again. Uber stated last Monday that through stock purchases and related financial instruments, it directly holds a 19.5% stake, with an additional 5.6% in option rights. Sources revealed that Morgan Stanley assisted Uber in rapidly increasing its shareholding using derivative tools. Since the beginning of this year, Delivery Hero's stock price on the Frankfurt Stock Exchange has risen nearly 50%, with a market capitalization of approximately €10.2 billion, equivalent to $11.8 billion. During Friday's U.S. trading session, Uber's stock fell by as much as 3%, hitting its lowest intraday level in over a month. Sources noted that once Uber's shareholding reaches certain thresholds, it must undergo antitrust review. Discussions are ongoing, and the outcome of the acquisition remains uncertain. Compilation data shows that among Delivery Hero's other major shareholders, Prosus NV holds about 16.8%, and Aspex Management holds 14.4%. According to regulatory filings disclosed on Friday, Morgan Stanley collectively holds a 30% interest in the company, most of which is held through equity swaps. Global Food Delivery Reshuffle: What Can Uber Gain from Acquiring Delivery Hero? When Uber rapidly increased its stake in German food delivery giant Delivery Hero from 7% to 19.5% in mid-May, capital markets keenly sensed the prelude to a large-scale merger. As the global food delivery industry enters an era of "stock game" after the fading of dividends, industry consolidation has become an inevitable trend. "Strategic Defense" Against DoorDash's Global Expansion Analysts generally believe that Uber's aggressive move is primarily driven by the increasing pressure from its biggest competitor, DoorDash. Currently, DoorDash holds a 67% share in the U.S. domestic food delivery market, far surpassing Uber's 25%. More alarmingly for Uber, DoorDash is expanding its reach to over 40 overseas markets through acquisitions of Finland's Wolt and the UK's Deliveroo, establishing a strong foothold in Europe. In contrast, Uber's overseas delivery network has significant gaps, particularly lacking large-scale local operations in continental Europe. The value of Delivery Hero lies precisely in its unparalleled global coverage. Headquartered in Berlin, the food delivery platform operates in approximately 65 countries and regions, spanning Asia, Europe, Latin America, the Middle East, and North Africa. Its growth in the Middle East and North Africa markets has been particularly impressive, with gross merchandise volume increasing by 16.1% year-over-year in the first quarter. Berenberg Bank analyst Wolfgang Specht noted that if Uber completes the acquisition, it will directly gain a "global food delivery network with far greater coverage than DoorDash's alliance," positioning itself as the third major player alongside DoorDash and Meituan in the global food delivery market. This strategic positioning holds far greater significance than a mere financial investment. Filling the European Gap and Acquiring Profitable Assets From a business synergy perspective, Delivery Hero's most immediate benefit to Uber is filling its European market gap. Currently, DoorDash holds a dominant position in many European countries through Wolt, while Uber's food delivery business in continental Europe is relatively weak. Acquiring Delivery Hero would instantly provide Uber with mature operational systems, local merchant relationships, and delivery networks in Europe, the Middle East, North Africa, and parts of Asia, avoiding the high costs and time required to build from scratch. The financial synergies are equally attractive. Referring to Uber's previous acquisition of Delivery Hero's Taiwan foodpanda business for $1.25 billion, the deal is expected to bring Uber at least $150 million in adjusted core profit annually. The addition of Delivery Hero's overall business would significantly expand the scale effects of Uber's food delivery operations. Antitrust Challenges Loom Despite the attractive strategic blueprint, analysts also caution investors about two major risks. The first is the significant hurdles of antitrust reviews, especially in the European Union, which has strict regulations for tech giants. The second is that Uber is currently making heavy investments in areas like AI and autonomous driving, and a multi-billion euro acquisition would inevitably put considerable pressure on its cash flow and short-term profit margins. Overall, in the eyes of analysts, acquiring Delivery Hero is a necessary step for Uber on its path to becoming a "global, all-scenario super app." If this bold gamble succeeds, Uber will firmly establish its dominance in the global instant delivery sector.