Key Highlights
- Delivery Hero shares climbed as high as 12.7% to €37.85 on Monday, marking an 18-month peak
- The German food delivery company rejected Uber’s preliminary €33-per-share proposal on Saturday
- Sources indicate Uber presented a €38-per-share offer to a key shareholder, which was also declined
- Multiple Delivery Hero shareholders reportedly seek valuations exceeding €40 per share
- Investment banks including Jefferies and Citi have raised red flags about potential antitrust challenges, noting market overlaps in 17–22 regions
Shares of Delivery Hero reached their strongest position since late 2024 during Monday’s trading session, fueled by speculation that Uber is preparing to enhance its acquisition proposal for the Berlin-based food delivery platform.
The German company’s shares surged by 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. As of 08:45 GMT, shares were changing hands at around €36.99, representing a 10.1% daily gain.
This latest jump adds to an impressive rally. The stock had already appreciated more than 80% across the 10 trading sessions leading up to Monday’s market open.
Delivery Hero disclosed on Saturday that it had received a non-binding offer from Uber valued at €33 per share. The company’s board chose not to accept this preliminary approach.
Subsequent reporting by the Financial Times on Sunday revealed that Uber’s board convened on Saturday to evaluate the possibility of submitting a higher bid. The publication also disclosed that Uber had previously contacted one of Delivery Hero’s major institutional investors with an improved €38-per-share offer, which was similarly rejected.
Additional reporting suggests that multiple significant shareholders are now positioning for bids north of €40 per share before entertaining serious negotiations.
Uber’s Strategic Position
Uber currently holds the position of Delivery Hero’s largest single shareholder. The San Francisco-based company expanded its ownership stake from approximately 7% to 19.5% of outstanding shares earlier this month.
This substantial equity increase telegraphed clear strategic ambitions. The latest acquisition reports have now thrust potential M&A activity into the spotlight for market participants.
Delivery Hero representatives indicated they have no additional comments beyond Saturday’s official statement. Uber did not respond to immediate requests for comment from Reuters.
Regulatory Hurdles Loom Large
Any potential transaction faces significant complications. Investment analysts have swiftly identified regulatory approval as the primary challenge.
Jefferies highlighted “a myriad of antitrust issues to unravel” in their analysis, observing that Uber and Delivery Hero maintain overlapping operations in 22 markets globally, with nine located within European jurisdictions.
Citi analyst Monique Pollard reinforced these concerns in a Monday research note, stating that antitrust obstacles were anticipated given the companies’ presence in 17 shared markets. She suggested that divesting certain overlapping market operations to alternative purchasers could form part of a viable regulatory strategy.
DoorDash has also emerged in connection with this developing situation. Saturday’s Financial Times report indicated that both Uber and DoorDash conducted preliminary conversations with Delivery Hero’s investor base, implying multiple potential suitors may be evaluating opportunities.
Delivery Hero has faced mounting pressure from its shareholder base regarding strategic direction. Earlier this month, the company announced its CEO would transition out of the role in March 2027.
As of Monday morning, both Uber and Delivery Hero declined to provide further commentary on the situation.
