Delivery Hero sees little movement in Frankfurt; Uber’s 13 billion takeover bid fails to spark much interest
Uber will offer shareholders a cash payment of 41.5 euros per share, compared with the 33 euros offered in the bid announced in May, which was subsequently rejected
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(Il Sole 24 Ore Radiocor) - The announcement of €13 billion offered by Uber for the acquisition of Delivery Hero has not stirred the market on the Frankfurt Stock Exchange (DAX 40). Shares in the German food delivery platform remained below the proposed price this morning (though up 68% since the start of the year). Uber Technologies has announced that it has reached a agreement to acquire Delivery Hero, in a deal that values the German company at 13 billion euros (14.8 billion dollars).
Delivery Hero has also entered into a separate agreement worth 1.4 billion euros (1.6 billion dollars) for the sale of its operations in 14 countries (Austria, Chile, Cyprus, the Czech Republic, Ecuador, Greece, Moldova, Norway, Poland, Portugal, Romania, Spain, Sweden and Turkey), where it competes with Uber Eats, to the US firm SSW Partners, subject to the completion of the acquisition by Uber.
Uber will offer Delivery Hero shareholders a cash consideration of 41.50 euros per share, representing a premium of approximately 127 per cent over the volume-weighted average share price for the three months preceding 8 May 2026 and approximately 34 per cent over the volume-weighted average share price for the three months preceding today’s announcement. Uber’s previous offer, announced in May and rejected, was €33 per share.
The San Francisco-based company has begun investing in Delivery Hero in recent months, gradually increasing its stake until it became the largest shareholder and began takeover talks. It currently holds a direct 25 per cent stake in Delivery Hero and a further 12 per cent via loan agreements. In addition, Prosus has committed to transferring its stake of almost 17 per cent.
Employment guarantees in Germany
Delivery Hero indicated earlier this week that it was in advanced talks with Uber. In recent months, the German company has been seeking to restructure its portfolio and, earlier this year, announced that its co-founder and long-serving CEO, Niklas Ostberg, would be stepping down. Uber has reaffirmed its commitment to maintaining Delivery Hero’s headquarters and workforce in Berlin until at least 2029. The US company has also earmarked €2 billion for investment in Germany over the next five years. Uber stated that the acquisition will expand “the world’s largest mobility and delivery platform to a total of 99 countries, with a combined pro forma gross merchandise volume of $236 billion in 2025”.
