Uber proposed €33 per share for Delivery Hero, valuing the firm at €10 billion, but the bid was rejected amid strategic review.
Uber Technologies offered to acquire Delivery Hero for approximately €10 billion, or €33 per share, according to a statement from the Berlin-based food delivery company. Delivery Hero confirmed receiving the bid but rejected the proposal, citing its ongoing strategic review. No further details on discussions were disclosed.
The offer follows Uber’s recent increase in its stake in Delivery Hero to 19.5% from 7%, making it the largest shareholder. Uber also holds financial instruments tied to an additional 5.6% stake. The bid aligns with Uber’s strategy to expand its global delivery footprint and compete with rivals like DoorDash.
Shares of Delivery Hero surged over 12% on the news, trading above €37 in early Monday trading.