Uber opens its €41.50-a-share offer for Delivery Hero with commitments covering about 53%

Uber UBER has published its formal, BaFin-approved takeover offer for Delivery Hero at €41.50 per share in cash, valuing the German group's equity at roughly $14.8 billion, with an acceptance window running from today into early November. The commonly used shorthand that Uber has "secured a majority" needs a qualifier: what exists is a commitment stack rather than completed tenders. Uber's existing holding of about 36.83%, plus an irrevocable commitment from Prosus covering a further 16.68%, brings the committed economic interest to roughly 53%.

Delivery Hero reported first-half results into that offer, and the headline miss was worse than the operating picture. Net loss attributable to shareholders came in at €392.4 million against consensus of €191.7 million, roughly twice what was expected. Adjusted EBITDA, however, beat at €426.7 million versus €387.7 million. The gap sits in items below the operating line: about €172.7 million of legal and antitrust provisions, general and administrative costs up 24.4%, and net interest expense rising to €178.9 million from €108.9 million.

The company nonetheless raised full-year 2026 guidance across the board. Gross merchandise value growth moves to a range of 9% to 11% from 8% to 10%, adjusted EBITDA to €960 million to €1.00 billion from €910 million to €960 million, and free cash flow to above €250 million from a prior figure slightly above €200 million. First-half revenue was €7.8 billion, up 17.8% on a like-for-like basis. Management's stated defence against competitive pressure is its subscription programme, and the raised guidance is the first real evidence for that argument.

The market is pricing the deal cautiously rather than enthusiastically. Delivery Hero shares finished the session essentially flat, up 0.08%, and continue to trade at a discount to the €41.50 offer, which implies investors are handicapping regulatory risk on a closing that is not expected before the second half of 2027. UBER traded at $76.54, down 2.5%, on SentiSense data, against an analyst mean target of $101.78 across 46 analysts.

What to watch: the acceptance rate as the window runs, whether European competition authorities open an in-depth review, and whether Delivery Hero's subscription-led guidance holds through the second half while the business operates under a pending takeover.

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