Berlin, May 27, 2026, 18:06 CEST
- Uber’s €33-a-share bid has Delivery Hero in the spotlight, but shares are trading above that offer.
- Uber is considering raising its offer after a key Delivery Hero shareholder rejected its €38 per share approach, Reuters reported.
- Uber and Delivery Hero have operations in 22 of the same markets, nine of them in Europe, Jefferies said. That could make the deal a test for regulators.
Uber Technologies’ approach to Delivery Hero is turning into a test of how far the U.S. company will go on price to grow in global food delivery. Delivery Hero, based in Berlin, said it got a non-binding takeover offer at €33 a share.
Delivery Hero shares printed at €39.04 after the Xetra close on Wednesday, beating both Uber’s offer and a €38-per-share bid reported for a top investor. The market price isn’t the reference point now.
Food delivery is going through another wave of consolidation, and that’s pushing Uber to expand its delivery business outside the U.S. DoorDash, which picked up Deliveroo, is also eyeing Delivery Hero, according to Reuters and the Financial Times.
Uber has approached Delivery Hero with a possible €33-a-share offer targeting all shareholders, Delivery Hero said on Saturday. The company added it is still working on its strategic review, which could involve asset sales or other steps.
Delivery Hero shares rose as much as 12.7% to €37.85 on Monday, reaching their highest point since Nov. 29, 2024, and giving the company a €11.5 billion market cap, Reuters said. The stock had climbed more than 80% in 11 sessions, according to Reuters.
Uber holds the largest stake in Delivery Hero. The company said on May 18 that Uber owns 19.5% of shares and has options for another 5.6%. Delivery Hero described the move as support for its platform and “Everyday App” plan. Delivery Hero
Uber’s board talked about raising its offer for Delivery Hero after a big shareholder rejected the €38-per-share bid, Reuters said, citing people familiar with the matter. Some Delivery Hero holders want over €40 a share, and a few are holding out for more.
Wedbush analysts told Investor’s Business Daily that Uber might have to raise its offer to between €38 and €42 to convince Delivery Hero’s board. After the bid news, Uber shares were hit by worries over regulation and financing, the report said.
Uber is after scale. Delivery Hero runs in some 65 countries across Asia, Europe, Latin America, the Middle East and Africa. The company also pushes quick commerce—fast delivery of groceries and household items, usually in less than an hour.
DoorDash is the clear peer here. The company closed its Deliveroo acquisition in October 2025. DoorDash said the deal would help it build up its local commerce business. Deliveroo will keep running in its main regions, DoorDash said.
But Jefferies flagged “a myriad of antitrust issues to unravel,” according to Reuters, since Uber and Delivery Hero both operate in 22 markets. Regulators could question if a deal would cut choices for consumers, restaurants, or couriers. Reuters
Delivery Hero is changing leadership. The company said May 12 that co-founder and CEO Niklas Östberg will step down by March 31, 2027, but plans to stay for the next part of the strategic review and any M&A work.
Östberg said at the time it was the “right moment” to start handing over the reins. Supervisory board chair Kristin Skogen Lund said board members were still focused on delivering value for shareholders. Those comments come as a takeover battle now threatens to set the value for Delivery Hero. Delivery Hero
