Story perspectives

Investors Reject Uber's €33 Delivery Hero Offer, CEO Steps Down

5/24/2026

Summary

Uber Bids €33

Uber offered €33 per share and reported on May 18 it holds 19.5% of Delivery Hero and 5.6% options, valuing the company at €10 billion and costing Uber €8 billion.
Niklas Östberg will step down by March 31, 2027 after Delivery Hero closed at €33.59, 1.8% below the offer.
Investors rejected €33 offer, demanding a price above €40 per share, and said Uber will not exceed the 30% ownership limit of German law.

Summary

**Uber Seeks Takeover**

Uber and DoorDash held exploratory talks with Delivery Hero investors about a possible takeover.
Delivery Hero posted Q1 merchandise value of €12.5 billion, up 8.8 % YoY, and revenue of €3.7 billion.
Uber bought a 4.5 % stake from Prosus for €270 million at €20 per share in April.
Analysts say the consolidation seeks better unit economics, prompting antitrust scrutiny and criticism that platforms may weaken bargaining power for restaurants and couriers.

Summary

Uber Gains Interest

Uber's shares have fallen about 20% from their year-to-date high, framing Delivery Hero talks.
The stock trades near 25 × forward earnings, a level analysts find attractive for 2026.
Q1 2026 gross bookings rose 25% YoY to $54 billion, helped by a $2 billion advertising business, a $1.25 billion Rivian robotaxi deal, and Expedia hotel bookings.
Analysts rate Uber “Strong Buy” with a $106 mean price target, implying about 50% upside.

History

Historical Context

Uber launched its food-delivery service Uber Eats in 2014 and grew through acquisitions, culminating in the December 2020 purchase of Postmates for $2.65 billion, a deal cleared by the U.S. Justice Department. The move added roughly 4.5 million users and set a precedent for the current Uber-DoorDash probe of Delivery Hero, raising fresh antitrust scrutiny in Europe.

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Uber Bids €33

Uber offered €33 per share and reported on May 18 it holds 19.5% of Delivery Hero and 5.6% options, valuing the company at €10 billion and costing Uber €8 billion.
Niklas Östberg will step down by March 31, 2027 after Delivery Hero closed at €33.59, 1.8% below the offer.
Investors rejected €33 offer, demanding a price above €40 per share, and said Uber will not exceed the 30% ownership limit of German law.

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