July 14 Delivery Hero said on Tuesday it was in advanced negotiations with Uber Technologies regarding a potential takeover offer, confirming earlier media reports that the U.S. ride-hailing and food-delivery company is pursuing the German group.
The statement followed a Bloomberg News report that Uber was in advanced talks to acquire Delivery Hero and could reach an agreement as soon as this week
The report said a deal would likely value Delivery Hero at well above its recent trading price of around 36 euros per share. The Berlin-based company has gained about 62% this year, giving it a market value of roughly 11.2 billion euros ($12.8 billion). Delivery Hero declined to comment on speculation about the offer price, but said any potential bid would be made to all shareholders.
Uber declined to comment. Shares of Uber were down nearly 2%, while Delivery Hero closed 5.76% higher at 39.10 euros. The talks follow months of speculation over Delivery Hero’s future, with Uber having approached the company in May with a 38 euros per share offer that investors viewed as too low, according to media reports.