Key Highlights
- Delivery Hero shares soared 12.7% intraday to €37.85, marking an 18-month peak on Monday
- The German food delivery firm rejected Uber’s preliminary €33-per-share proposal over the weekend
- Reports indicate Uber presented a €38-per-share offer to a key shareholder, which was also declined
- Multiple Delivery Hero investors are reportedly seeking valuations exceeding €40 per share
- Regulatory analysts at Jefferies and Citi have highlighted potential antitrust challenges, noting operational overlaps in 17–22 countries
Shares of Delivery Hero reached their highest point since late 2024 during Monday trading following reports that Uber is weighing an enhanced takeover proposal for the Berlin-based food delivery platform.
The German company’s shares surged as much as 12.7% during intraday trading, peaking at €37.85. This valuation places Delivery Hero’s market capitalization at approximately €11.5 billion ($13.4 billion). As of 08:45 GMT, shares were changing hands at roughly €36.99, representing a 10.1% gain.
This rally continues an extraordinary momentum streak. Delivery Hero shares had already surged more than 80% during the preceding 10 trading sessions before Monday’s opening bell.
Over the weekend, Delivery Hero publicly acknowledged receiving a non-binding offer from Uber valued at €33 per share. The company’s management opted not to accept this preliminary approach.
Subsequent reporting by the Financial Times on Sunday revealed that Uber’s board convened on Saturday to evaluate increasing their bid. The FT’s sources indicated that Uber had previously contacted one of Delivery Hero’s major institutional investors with an improved €38-per-share proposal — which was also rejected.
According to the same reporting, multiple stakeholders are now holding out for valuations above the €40-per-share threshold before entertaining any serious negotiations.
Uber’s Strategic Position
Uber currently holds the position as Delivery Hero’s single largest shareholder. The ride-hailing and delivery giant expanded its ownership from approximately 7% to 19.5% of outstanding shares earlier this month.
This significant stake increase telegraphed clear strategic ambitions. The latest acquisition speculation has now thrust this potential transaction into the spotlight for market participants.
Delivery Hero stated it had no additional comments beyond its weekend announcement. Uber had not responded to requests for comment from Reuters by press time.
Regulatory Hurdles Loom Large
Any potential transaction faces significant regulatory scrutiny. Industry analysts have swiftly identified competition concerns as the primary challenge.
Jefferies highlighted “a myriad of antitrust issues to unravel,” observing that Uber and Delivery Hero maintain overlapping operations in 22 markets globally, with nine of those located in Europe.
Citi’s equity analyst Monique Pollard reinforced this assessment in a Monday research note, stating that antitrust obstacles were anticipated given the companies’ concurrent presence in 17 markets. She suggested that divesting certain overlapping regional operations to alternative buyers could represent one pathway to regulatory approval.
DoorDash has also emerged as a player in this developing situation. The Financial Times reported over the weekend that both Uber and DoorDash conducted preliminary conversations with Delivery Hero’s investor base — indicating multiple potential acquirers may be evaluating opportunities.
Delivery Hero has faced mounting pressure from its shareholder base regarding strategic direction. Earlier this month, the company announced that its Chief Executive Officer would transition out of the role in March 2027.
Both Uber and Delivery Hero declined to provide additional commentary as of Monday morning.
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