Uber offers €33 per share to take over Delivery Hero
Uber has made a formal takeover offer for Berlin-based food delivery company Delivery Hero at €33 per share, Delivery Hero confirmed on Saturday. The bid values the company at just over €10 billion. Uber already holds 19.5% of Delivery Hero's shares and an additional 5.6% in options.
Uber has made a formal takeover offer for Berlin-based food delivery company Delivery Hero at €33 per share ($38.30), Delivery Hero confirmed on Saturday in Berlin. The bid values the company at just over €10 billion (around $11.6 billion).
Uber already holds 19.5% of Delivery Hero's issued capital and an additional 5.6% in options, the company said on Monday. Most recently, Uber had increased its stake from just over 7% to almost 18%.
Delivery Hero's share price has risen sharply in recent days, partly due to speculation about a possible offer from Uber. Over the past two weeks, the shares climbed by almost 70% to €33.59 at the end of Xetra trading late on Friday afternoon. In after-hours trading on the Tradegate trading platform, the price rose to €35.50.
Although headquartered in Germany, Delivery Hero has not been operationally active in Germany since selling its German business to Just Eat Takeaway, which operates as Lieferando in Germany. The company maintains a strong presence in Asia, southern Europe, the Arabian Peninsula and Africa. Uber operates Uber Eats in many cities across Germany.
Dutch investment company Prosus agreed to reduce its stake in Delivery Hero as part of its purchase of rival Just Eat Takeaway.