Key Points:
- Delivery Hero confirmed that Uber Technologies made an indicative takeover offer of €33 per share, valuing the company at over €10 billion.
- Delivery Hero investors rejected the initial offer, stating they want a bid above €40 per share to unlock the company’s full value.
- US rival DoorDash is also in talks with shareholders to explore a full acquisition or purchase of Delivery Hero’s profitable Middle East division.
- Uber recently increased its ownership stake in Delivery Hero to 19.5%, making it the Berlin-based delivery firm’s largest shareholder.
A major consolidation battle is heating up in the global food delivery sector. Berlin-based delivery giant Delivery Hero confirmed on Saturday, May 23, 2026, that US ride-hailing leader Uber Technologies has approached the company with an indicative takeover proposal. The ad-hoc announcement followed media reports revealing that Uber chief executive Dara Khosrowshahi flew to Oslo to pitch a buyout offer of €33 per share directly to the head of Delivery Hero’s supervisory board.
The proposed bid values the German delivery platform at more than €10 billion. However, Delivery Hero’s board and several large shareholders quickly rejected the pricing. Sources close to the negotiations revealed that key investors consider the €33-per-share price tag too low, noting that it represents a 1.8% discount on Delivery Hero’s previous closing stock price. Instead, several major shareholders have signaled they will hold out for at least €40 per share, which would raise the company’s overall valuation to approximately €13 billion.
Uber’s aggressive push to acquire Delivery Hero follows its recent build-up of shares in the company. Just last week, Uber expanded its foothold by more than doubling its equity stake in Delivery Hero. Uber’s holding jumped from roughly 7% to 19.5% of the issued capital, with another 5.6% held in options and derivatives. This substantial purchase officially established the San Francisco-based ride-hailing company as Delivery Hero’s single largest shareholder, setting the stage for a full-scale corporate integration.
To assist with the complex acquisition, Uber has hired financial giant Morgan Stanley. The investment bank disclosed a massive 27% interest in Delivery Hero through equity swaps on Friday. By positioning itself as a central player in Delivery Hero’s capital structure, Morgan Stanley actively helps Uber secure the necessary shareholder votes. Meanwhile, the intense buyout talks have triggered slight tremors in the stock market, causing Uber’s shares to dip 1.6% as investors digest the high cost of the potential deal.
However, Uber does not have a clear path to a deal, as its chief rival, DoorDash, is also circling the German delivery group. DoorDash chief executive Tony Xu has made direct contact with Delivery Hero’s supervisory board chair, Kristin Skogen Lund, to explore a competing transaction. DoorDash has discussed making a full-scale counter-takeover bid. Alternatively, the company has expressed a strong interest in acquiring Delivery Hero’s lucrative Middle East and North Africa operations, which include popular regional apps such as Talabat and HungerStation.
The sudden rush of American buyers comes at a time of deep transition for Delivery Hero. The Berlin-headquartered firm is currently undergoing a massive strategic review process to turn around its struggling financial performance and satisfy unhappy shareholders. Just last week, long-time co-founder and chief executive Niklas Östberg agreed to step aside by March 2027. Östberg’s planned departure has left the company’s leadership in a vulnerable position, making it a prime target for cash-rich American logistics firms looking to expand outside the US market.
Industry analysts believe that the current situation could lead Delivery Hero’s board to split the company rather than sell it outright. Under this scenario, the board might sell the highly profitable Middle East business to DoorDash while allowing Uber to acquire the European and South Korean divisions. Splitting the international operations could maximize payouts for disgruntled investors while avoiding antitrust concerns from European regulators, who regularly block massive, industry-consolidating mergers.
For now, Delivery Hero’s board maintains that it is fully focused on executing its internal strategic review. The company stated that it will share further updates with its shareholders as the situation evolves. While the initial €33-per-share offer failed to secure a deal, the active involvement of both Uber and DoorDash indicates that a major reshaping of the global food delivery landscape is already underway.
