Delivery Hero AG shares jumped 10.5% to trade at €37.12 today and hit an intraday 52-week peak of €37.87 after the Berlin-based food delivery group confirmed that Uber Technologies had submitted a formal indicative takeover proposal valuing the company at €33 per share.
The company disclosed the €33-per-share approach on Saturday. Following that confirmation, reports indicated Uber was considering increasing the bid after a major shareholder rejected the initial proposal, which had implied a valuation in excess of €11.5 billion.
Adding to takeover chatter, rival DoorDash signalled interest in acquiring Delivery Hero’s Middle Eastern business and has explored the possibility of a full acquisition of the group. Those competing signals intensified speculation of a potential bidding contest and helped push the stock to its highest level since late 2024.
Prior to the formal proposal, Uber substantially increased its holding in Delivery Hero, nearly tripling its stake from about 7% to roughly 19.5% of issued capital and thereby becoming the company’s largest shareholder. The ownership shift is a central element in the takeover dynamic given the concentrated share register.
Market voices added to the debate on valuation. Jefferies analyst Giles Thorne publicly commented on the situation, and some investors have suggested a price north of €40 per share - a level that would represent approximately a 19% premium to recent trading and equate to a group valuation near €13 billion. Any potential bidder would need to engage with several large holders, notably Prosus NV, which owns close to 17% of the company, and activist firm Aspex Management, which holds more than 14% and has previously advocated for asset disposals.
Shares reached an 18-month high on Monday after Delivery Hero confirmed Uber’s indicative approach and following a Financial Times report that the U.S. suitor was weighing an increased offer. The broader market backdrop was supportive: European equities opened higher with the DAX up 1.0%, helped by reports of an imminent U.S.-Iran peace deal. U.S. benchmarks were also trading up, with the S&P 500 ahead 0.4% and the Dow Jones rising 0.6% in what market participants described as a risk-on session globally.
Analysts and investors pointed to the convergence of several catalysts as the driver of today’s move - the confirmed takeover approach, believable signals that a higher counter-offer could follow, competing strategic interest from DoorDash, and a positive macro environment. The stock’s response built on an existing momentum: Delivery Hero had recorded gains in each of the prior 10 consecutive trading sessions, and today’s advance extended that run as merger and acquisition activity crystallized around the company’s international delivery assets.
Note on coverage limitations - The reporting here reflects the confirmed statements and market developments disclosed by Delivery Hero and cited market commentary. No additional outcomes or speculative consequences beyond these disclosures are asserted.