Delivery Hero (DHER) Stock Surges 13% as Uber Tables $11.6B Takeover Offer

TLDR

• Uber made a €10 billion (~$11.6B) takeover approach for Delivery Hero at €33 per share.
• Delivery Hero stock jumped as much as 13% in European trading after confirming the offer.
• Uber already holds a 19.5% direct stake and an additional 5.6% through financial contracts.
• The bid may be partly aimed at blocking rival DoorDash from acquiring Delivery Hero assets.
• Food delivery consolidation continues as thin margins and reduced venture capital squeeze smaller players.

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Uber made a €10 billion takeover approach for Delivery Hero on Monday, offering €33 a share for the Berlin-based food delivery company. The bid values the company at roughly $11.6 billion.

Delivery Hero confirmed the offer over the weekend. Its stock jumped as much as 13% to €37.85 in early European trading, pushing its year-to-date gain to nearly two-thirds.

Delivery Hero SE, DHER.DE

The offer price of €33 a share came in just below Delivery Hero’s Friday close of €33.59. By Tuesday morning, the stock was trading around €37.60, suggesting the market expects Uber may need to sweeten the deal.

Uber has been building its position in Delivery Hero for weeks. It now holds a 19.5% direct stake, plus another 5.6% through financial contracts — making it the company’s largest shareholder.

As recently as last week, Uber said it had no intention of acquiring 30% or more of Delivery Hero’s voting rights. The full takeover bid marks a sharp turn from that stated position.

Why Uber Is Moving Now

Delivery Hero has been through a period of significant change. Co-founder and CEO Niklas Ostberg announced his departure by March next year, and the company launched a strategic review in December that included exploring deals for select operations.

That review, combined with Prosus selling down its stake to clear EU regulatory hurdles for a separate deal, opened the door for Uber to steadily build its position.

The timing also appears connected to competitive pressure. DoorDash has been linked to interest in Delivery Hero assets. DoorDash acquired UK-based Deliveroo last year for roughly $3.9 billion, expanding its global reach, and may have had eyes on more.

A Market Consolidating Fast

The food delivery industry has been shrinking its roster of independent players for years. The pandemic-era boom in delivery orders has faded, and with it, the venture capital that kept smaller platforms afloat.

Thin margins and a shift in investor focus toward AI and other sectors have pushed companies toward mergers. Scale has become survival.

DoorDash bought Finland’s Wolt. Delivery Hero took Glovo in Spain. Prosus acquired Just Eat Takeaway. The deals keep coming.

Amazon is now pushing into the space too, announcing 30-minute deliveries on groceries and essentials, expanding to dozens of U.S. cities. The competitive landscape is getting tighter.

Delivery Hero said it remains focused on its strategic review and will provide further updates as needed.

Aspex Management, a Hong Kong-based investor, holds a 14.55% stake in Delivery Hero after buying from Prosus — the second-largest shareholder behind Uber.

Uber did not respond to a request for comment as of the time of reporting.

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