Key Highlights
- Delivery Hero shares soared up to 12.7%, reaching €37.85—an 18-month peak—during Monday’s trading session
- The German food delivery firm rejected Uber’s opening indicative proposal of €33 per share over the weekend
- Reports indicate Uber presented a revised €38 per share proposal to a key shareholder, which was also turned down
- Multiple Delivery Hero shareholders are reportedly seeking prices exceeding €40 per share
- Market analysts from Jefferies and Citi have raised red flags about potential regulatory roadblocks, citing operational overlap in 17–22 countries
Shares of Delivery Hero reached their highest point since late 2024 during Monday’s session following fresh reports that Uber is exploring an increased takeover proposal for the Berlin-based food delivery platform.
The German company’s stock surged as much as 12.7% during intraday trading, peaking at €37.85. This valuation placed Delivery Hero at approximately €11.5 billion ($13.4 billion) in market capitalization. By 08:45 GMT, shares were changing hands at around €36.99, representing a 10.1% gain for the session.
The rally marked a continuation of impressive momentum. The stock had already posted gains exceeding 80% across the ten trading sessions leading up to Monday.
Over the weekend, Delivery Hero publicly acknowledged receipt of an indicative bid from Uber valued at €33 per share. The company’s board opted not to pursue the proposal.
Subsequent reporting by the Financial Times on Sunday revealed that Uber’s board convened on Saturday to evaluate enhancing their offer. The FT further disclosed that Uber had previously approached a major Delivery Hero stakeholder with an improved bid of €38 per share—an offer that was similarly rejected.
According to the same reporting, numerous shareholders are now targeting acquisition prices north of €40 per share before entertaining any sale discussions.
Uber’s Current 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 strategic accumulation of shares clearly telegraphed Uber’s growing interest in the German company. The latest bid speculation has now thrust the merger and acquisition narrative into the spotlight for market participants.
Delivery Hero stated it had no additional information to provide beyond its weekend announcement. Uber did not respond to requests for comment from Reuters.
Regulatory Challenges Loom Large
Any potential transaction faces significant hurdles. Market analysts have rapidly identified regulatory approval as the primary challenge to overcome.
Jefferies highlighted “a myriad of antitrust issues to unravel,” observing that Uber and Delivery Hero maintain operations in 22 overlapping markets, with nine located across Europe.
Citi analyst Monique Pollard reinforced this assessment in a Monday research note, stating that antitrust complications were anticipated given the companies’ presence in 17 shared markets. She suggested that divesting certain overlapping operations to alternative buyers could represent part of a viable resolution strategy.
DoorDash has also emerged in discussions surrounding this potential deal. Saturday’s FT report indicated that both Uber and DoorDash engaged in preliminary conversations with Delivery Hero stakeholders—hinting that multiple suitors may be interested in acquiring the company.
Delivery Hero has faced mounting shareholder scrutiny regarding its strategic direction. The company announced earlier this month that its Chief Executive Officer would transition out of the role in March 2027.
Neither Uber nor Delivery Hero provided further statements as of Monday morning.
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