Full Breakdown
Uber's €33-per-Share Takeover Proposal for Delivery Hero Sparks Shareholder Pushback and Market Speculation
5/26/2026, 11:23:58 PM
Uber's Initial €33-per-Share Takeover Proposal
On 24 May 2026 Uber Technologies presented an indicative €33-per-share offer for Delivery Hero, valuing the German food-delivery group at about €10 bn. The bid, made to all shareholders, followed Uber’s increase to a 19.5 % direct stake (plus 5.6 % via derivatives). A major shareholder rejected the proposal, prompting Uber’s board to consider a higher offer.
Strategic Landscape and Recent Corporate Changes
Delivery Hero has been undergoing a strategic review after a shareholder-driven overhaul that saw co-founder-CEO Niklas Oestberg announce his exit by March 2027. The sector has recently consolidated, with DoorDash buying Deliveroo and Prosus acquiring Just Eat, heightening competitive pressure.
Principal Stakeholders
Uber (CEO Dara Khosrowshahi) holds 19.5 % of Delivery Hero directly and 5.6 % via derivatives. Major shareholders include Prosus (~17 %) and Aspex Management (~14.5 %).
Chronology of the Bid
23 May – Uber’s board met to discuss raising the offer. 24 May – €33-per-share proposal disclosed. 25 May – Shares rose to €37.85, valuing the firm at €11.5 bn; FT reported a €38 bid to a top shareholder was rebuffed. 26 May – DoorDash signaled interest in Delivery Hero’s Middle-East assets.
Deal Valuation and Shareholder Demands
The €33 offer implies a €10 bn enterprise value; the intraday price of €37.85 suggests a valuation of €11.5 bn. Shareholders have asked for >€40 per share, roughly a 19 % premium.
Why It Matters – Market Impact
A merger would give Uber a larger footprint in 22 overlapping markets, nine in Europe, raising antitrust scrutiny while offering scale benefits in a low-margin industry.
Official Statements & Responses
Delivery Hero said it remains fully focused on its strategic review and will provide updates as appropriate. Uber has not issued a comment beyond confirming its stake increase.
Criticism & Opposition
Investors rejected the €33 and €38 offers, stating they “may want more than €40 per share,” indicating a valuation gap.
Conflicting Reports & Gaps
Some sources value the deal at €10 bn, while the €37.85 share price implies €11.5 bn; Uber’s final terms remain undisclosed.
Verbatim Quotes
- “In a short statement on 23 May, Delivery Hero said: “Uber Technologies reached out with an indicative proposal of €33 per share in respect of a potential takeover offer to all shareholders.” — Uber press release
- “The company remains fully focused on executing its strategic review process.” — Delivery Hero statement
- “Delivery Hero welcomes Uber’s additional investment as a further endorsement of its platform and everyday app strategy.” — Delivery Hero statement
- “The FT said several shareholders were seeking a price of more than 40 euros per share.” — Financial Times report
What’s Next
Uber’s board will decide on a revised offer; any deal must clear antitrust reviews. DoorDash continues informal talks on Delivery Hero’s Talabat unit. Ongoing negotiations will shape the next consolidation phase.
