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Investors Reject Uber’s €10 bn Delivery Hero Bid

5/26/2026

23 4 Full Breakdown

Summary

**Uber Bids Delivery Hero**

Uber Technologies Inc offered €10 billion to buy Delivery Hero SE at €33 per share, valuing it at over €10 billion ($11.6 billion).
Uber already controls 19.5% of Delivery Hero directly and 5.6% via derivatives, making it the top shareholder.
Delivery Hero confirmed receipt of the proposal on 25 May 2026.
Investors rejected the €33 price and demanded over €40.
DoorDash is eyeing Delivery Hero’s Middle-East unit.

Summary

**Uber Faces Antitrust**

Jefferies warned that Uber and Delivery Hero compete in 22 markets, including nine in Europe, creating antitrust issues.
Uber holds a 19.5% stake in Delivery Hero and a further 5.6% exposure via derivatives, while Morgan Stanley, Uber’s adviser, controls a 27% interest through equity swaps, heightening regulatory complexity.
The combined presence means any approved acquisition must obtain antitrust clearance.

History

Historical Context

Facebook’s February 2014 purchase of WhatsApp for $19 billion showed how regulators began scrutinizing platform overlaps, with the European Commission leading antitrust reviews. That precedent of costly tech consolidation now resurfaces as Uber proposes a €10 billion bid for Delivery Hero, prompting similar EU scrutiny that could force divestitures and reshape the European food-delivery market.

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**Uber Bids Delivery Hero**

Uber Technologies Inc offered €10 billion to buy Delivery Hero SE at €33 per share, valuing it at over €10 billion ($11.6 billion).
Uber already controls 19.5% of Delivery Hero directly and 5.6% via derivatives, making it the top shareholder.
Delivery Hero confirmed receipt of the proposal on 25 May 2026.
Investors rejected the €33 price and demanded over €40.
DoorDash is eyeing Delivery Hero’s Middle-East unit.

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