Uber has formally offered €33 per share to acquire Delivery Hero, a bid slightly below the food delivery company's Friday closing price. The ride-hailing giant confirmed it made the indicative proposal after building a 19.5% stake, marking a shift from its previous stance of not pursuing full control.
Offer Pricing Details
The €33 price represents a 1.76% discount to Delivery Hero's last closing price. Uber's current holdings, including 5.6% in call options, would be worth approximately €1.7 billion at this offer price. The company increased its stake to the largest shareholder position on May 18, after buying a 4.5% block from Prosus for €270 million in April 2026.
Threshold Shift in Strategy
Uber had previously stated it would not cross the 30% ownership threshold requiring a mandatory tender offer under German law. The current indicative offer now represents a formal step beyond that position. The company's May stake increase from about 7% to 19.5% of issued capital sets the stage for this acquisition attempt without triggering compulsory rules.
Delivery Hero's Ongoing Review
Delivery Hero confirmed Uber's offer in a regulatory filing and said it would continue its strategic review. That process includes reported interest in selling its South Korean platform Baemin. CEO Niklas Östberg announced he will step down by March 31, 2027, adding leadership transition concerns to the company's current deliberations.
Market Conditions Context
Uber's timing may reflect improved European equity conditions. Easing geopolitical pressures have boosted risk appetite in the region, potentially influencing the company's decision to make this move now. The offer price, while below Friday's close, aligns with a more stable market environment than recent periods.
Delivery Hero must now weigh this proposal against its strategic review as it considers the Baemin sale and prepares for CEO Ostberg's departure. The company faces no immediate deadline but must decide whether to accept, negotiate, or reject Uber's offer before leadership changes next year.
