TLDR
- Delivery Hero stock jumped as much as 12.7% to an 18-month high of €37.85 on Monday
- Uber’s initial indicative bid of €33 per share was rejected by Delivery Hero on Saturday
- Uber reportedly approached a major shareholder with a €38 per share offer, which was also rebuffed
- Some Delivery Hero shareholders are holding out for above €40 per share
- Analysts at Jefferies and Citi flagged antitrust concerns, with Uber and Delivery Hero overlapping in 17–22 markets
Delivery Hero stock hit its highest level since late 2024 on Monday after reports emerged that Uber is considering raising its takeover bid for the German food delivery company.
The stock climbed as much as 12.7% intraday, touching a high of €37.85. At that level, Delivery Hero was valued at roughly €11.5 billion ($13.4 billion). By 08:45 GMT, the stock was trading around €36.99, up 10.1% on the day.
The move extended a remarkable run. Delivery Hero had already climbed more than 80% over the previous 10 sessions heading into Monday’s open.
On Saturday, Delivery Hero confirmed it had received an indicative proposal from Uber of €33 per share. The company did not accept the approach.
The Financial Times then reported on Sunday that Uber’s board met on Saturday to discuss raising its offer. According to the FT, Uber had already approached one of Delivery Hero’s largest shareholders with a bid of €38 per share — and was turned down again.
The FT also reported that several shareholders are now looking for more than €40 per share before they’d consider a sale.
Where Uber Stands
Uber is already Delivery Hero’s largest individual shareholder. It raised its stake in the German company from around 7% to 19.5% of issued capital earlier this month.
That move alone signalled clear strategic intent. The new bid reports have now brought the M&A story front and centre for investors.
Delivery Hero said it had nothing to add beyond its Saturday statement. Uber was not immediately available for comment when contacted by Reuters.
Antitrust Questions Ahead
Any deal won’t be straightforward. Analysts have quickly flagged regulatory risk as the key obstacle.
Jefferies pointed to “a myriad of antitrust issues to unravel,” noting that Uber and Delivery Hero overlap in 22 markets, nine of which are in Europe.
Citi analyst Monique Pollard echoed that, writing in a Monday note that antitrust hurdles were expected given overlap in 17 markets. She added that alternative buyers for some overlapping markets could be part of a potential solution.
DoorDash has also been mentioned in this story. The FT reported on Saturday that both Uber and DoorDash held exploratory discussions with Delivery Hero investors — suggesting more than one party may be circling.
Delivery Hero has been under shareholder pressure over its strategy. Earlier this month, the company said its CEO would step down in March 2027.
Uber and Delivery Hero declined to comment further as of Monday morning.
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