Uber Technologies' pursuit of Delivery Hero is intensifying as the U.S. ride-hailing and delivery giant faces growing pressure from shareholders to raise its offer. The Berlin-based food delivery company received a non-binding takeover proposal at €33 per share, but market dynamics suggest that price may be insufficient to seal the deal.
Delivery Hero shares closed at €39.04 on Wednesday after the Xetra exchange session, significantly outpacing both Uber's initial bid and the €38-per-share offer that was reportedly rejected by a major investor. This trading level underscores the gap between market expectations and Uber's current proposal, with some shareholders now demanding more than €40 per share.
The situation has prompted Uber's board to discuss a potential increase in its offer, according to sources familiar with the matter. The board's deliberations come after a key Delivery Hero investor turned down the €38 bid, signaling that a higher price may be necessary to win over stakeholders. Some Delivery Hero holders are holding out for even greater compensation, Reuters reported.
Adding to the competitive landscape, DoorDash is also reportedly eyeing Delivery Hero, according to Reuters and the Financial Times. The U.S.-based food delivery company recently completed its acquisition of Deliveroo in October 2025, a move that DoorDash said would bolster its local commerce operations. This interest from a rival could further complicate Uber's efforts and potentially drive up the acquisition price.
The potential deal raises significant antitrust concerns, as Uber and Delivery Hero operate in 22 overlapping markets, with nine of those in Europe. Jefferies analysts highlighted a myriad of regulatory issues that could arise, including questions about reduced consumer choice, restaurant options, and courier competition. Regulators may scrutinize the deal's impact on market concentration in the food delivery sector.
Uber already holds a 19.5% stake in Delivery Hero, with options for an additional 5.6%, as disclosed on May 18. Delivery Hero characterized this investment as support for its platform and its 'Everyday App' strategy. The company operates in approximately 65 countries across Asia, Europe, Latin America, the Middle East, and Africa, with a growing focus on quick commerce—the rapid delivery of groceries and household items.
Wedbush analysts suggested that Uber may need to raise its offer to between €38 and €42 per share to gain approval from Delivery Hero's board. Following the bid announcement, Uber shares faced pressure from concerns over regulatory hurdles and financing, according to reports. The acquisition would mark a significant step in Uber's expansion outside the U.S., as the food delivery sector undergoes another wave of consolidation.
Delivery Hero is also undergoing a leadership transition. Co-founder and CEO Niklas Östberg announced on May 12 that he will step down by March 31, 2027, but will remain involved in the strategic review and any merger and acquisition activities. Supervisory board chair Kristin Skogen Lund emphasized the board's commitment to delivering shareholder value, a sentiment that now plays out against the backdrop of a potential takeover battle.
