Full Breakdown
Uber Proposes €33-Per-Share Takeover of Delivery Hero Amid Global Delivery Rivalry
5/24/2026, 8:28:59 PM
Takeover Offer Overview
Uber Technologies Inc. made an indicative €33-per-share offer for Delivery Hero SE, a 1.7-1.8 % discount to the prior close, valuing the company at roughly €10 billion.
Strategic Background
Uber raised its stake from about 7 % to 19.5 % of Delivery Hero’s issued capital, plus a 5.6 % option tranche, after buying a 4.5 % block from Prosus for €270 million. Activist Aspex Management (~14 % holder) pushed for asset sales and CEO Niklas Östberg’s exit. DoorDash has shown interest in Talabat.
Timeline
- April 2026 – Uber buys 4.5 % from Prosus for €270 million.
- May 18 2026 – Stake rises to 19.5 % plus 5.6 % options.
- May 23 2026 – Uber proposes €33 per share.
- Late May 2026 – CEO Östberg announces resignation.
Data Snapshot
Offer: €33 per share (~$38). Valuation: €10 billion (~$11.6 billion). Uber holds 19.5 % equity + 5.6 % options. Delivery Hero market cap just over €10 billion; share price up ~48 % YTD. Operates in >60 countries.
Implications
A deal would give Uber scale in markets where it trails DoorDash, boosting Uber Eats margins via network effects. Combined size would likely trigger antitrust reviews in Europe, the US, and elsewhere. The enlarged platform could also reshape pricing dynamics for restaurants and couriers.
Official Statements & Responses
Delivery Hero said it remains focused on its strategic review and did not treat the proposal as a formal offer. Uber said it has no plan to exceed the 30 % threshold that would trigger a mandatory tender offer, while noting it reviews investment opportunities.
Criticism & Opposition
Investors representing a large block rebuffed the €33 price, demanding a premium above €40 per share. Aspex Management urged asset sales and leadership change; antitrust concerns were also raised.
Conflicting Reports & Gaps
Discount figures vary (1.76 % vs. 1.8 %). Valuation ranges from €10 billion to €10.2 billion. Uber’s stake is described as “close to 20 %” or “19.5 %.” Tender-offer timing remains unclear.
Verbatim Quotes
- “The Company remains fully focused on executing its strategic review process.” — Andrea Ferraz Estrada, VP of Investor Relations, Delivery Hero SE.
- “They said such a takeover would sharply expand Uber’s footprint in emerging markets, strengthening the US company’s long-run global positioning.” — Bloomberg Intelligence analysts Mandeep Singh & Robert Biggar.
What’s Next
Uber will keep negotiating with Delivery Hero shareholders while assessing antitrust clearance. The firm may raise its stake incrementally but must decide whether to trigger a formal tender offer before crossing the 30 % German threshold. Delivery Hero’s board will name a new CEO by early 2027, potentially reshaping deal dynamics. Both companies will monitor competitor moves as the market consolidates.
