By Delivery Hero stock jumped more than 10% on Monday as investors bet that Uber’s opening move for the Berlin-based food delivery group may be only the start of a bigger takeover fight.
The immediate trigger was Delivery Hero’s confirmation that Uber had made an indicative €33-a-share approach, valuing the company at more than €10 billion.
But the rally is really about what may come next: a higher Uber offer, pressure from shareholders seeking more than €40 a share, and the possibility that DoorDash could turn a quiet courtship into a rival bid.
Uber has moved from investor to potential buyer
Uber’s interest in Delivery Hero escalated quickly, as earlier this month, the US group more than doubled its holding in Delivery Hero to 19.5% of issued capital, up from roughly 7%, making it the company’s largest shareholder.
Delivery Hero said Uber also held a further 5.6% through options, while presenting the investment as an endorsement of its platform and “Everyday App” strategy.
That shift from stake-building to a takeover approach is why the market reaction has been so sharp.
Delivery Hero confirmed on Saturday that Uber had reached out with an indicative €33-per-share proposal for a potential offer to all shareholders.
On paper, that was not an aggressive bid as it was slightly below Delivery Hero’s previous close, making it look more like an opening marker than a final number.
The timing also matters as Delivery Hero is already in the middle of a strategic review, and co-founder Niklas Oestberg is due to step down as chief executive by March 31, 2027.
That leadership transition follows pressure from major shareholders for a cleaner strategy and possible asset disposals.
Why €33 was not enough
The €33 proposal did not settle the matter because shareholders appear to believe Delivery Hero is worth more in a sale.
The Financial Times reported that Uber’s board met on Saturday to discuss increasing its offer after a €38-per-share approach to a major shareholder was rejected.
That is the heart of the rally.
Delivery Hero’s shares rose as much as 12.7% to €37.85 on Monday, their highest level since November 2024, valuing the company at about €11.5 billion.
For Uber, the calculation is more delicate as a deal would give it scale across markets where food delivery remains competitive and fragmented.
But buying Delivery Hero would also come with integration risk, regulatory scrutiny and a rising price tag.
Jefferies analysts flagged antitrust complexity because Uber and Delivery Hero overlap in 22 markets, including nine in Europe.
DoorDash gives Delivery Hero more leverage
The other reason Delivery Hero shares are rallying is DoorDash.
The US delivery group has also held exploratory talks with investors and is said to be particularly interested in Delivery Hero’s Middle Eastern business, including Talabat and HungerStation.
This turns the story from a single-buyer approach into a possible bidding contest.
Uber wants international density and a stronger position against DoorDash outside the US.
DoorDash, meanwhile, has already shown it is willing to expand abroad, and Delivery Hero offers a rare chance to gain meaningful scale across Europe, Asia and MENA in one move.
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