Uber Considers Higher Bid for Delivery Hero Amid Rejected €11.5B Offer
Uber is reportedly considering a higher bid for Delivery Hero, after its initial €11.5 billion offer was rebuffed. The potential acquisition continues amidst ongoing reports and updates on a possible takeover deal.
UBER is weighing a sweetened takeover bid for Delivery Hero after an initial approach valuing the German food-delivery group at roughly EUR11.5 billion (about $13.4 billion) was rebuffed. The offer, pitched at around EUR33 per share, was turned down as too low.
Uber's board met to discuss raising the bid after approaching one of Delivery Hero's largest shareholders with a EUR38-per-share proposal, which was also rejected. Many shareholders are holding out for more than EUR40 per share, a level that would value the company near EUR13 billion. Uber already owns about 19.5% of Delivery Hero outright, plus a further 5.6% through derivatives, giving it a sizable head start on any deal.
News of the talks drove Delivery Hero shares to an 18-month high, up roughly 10%. A successful deal would significantly expand Uber's delivery footprint across Europe, the Middle East and Asia, though the widening gap between Uber's bids and shareholder expectations leaves the outcome uncertain. Investors will watch whether Uber returns with a formal offer or steps back.
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