Uber is going after Delivery Hero in full, with offers that remain subject to closure
The €33-per-share offer comes at a slight discount to Friday’s price, but with Uber already sitting on a quarter of the company and DoorDash hovering, the bid is the start of negotiations, not the end.
Delivery Hero confirmed on Saturday that Uber has tabled a formal takeover offer for the Berlin-based food delivery group, for 33 euros.
The price, strangely for Uber, is a 1.76% discount to where Delivery Hero closed on Friday, and comes nearly a month after Uber nearly tripled its stake in the company to 19.5%, with another 5.6% held in derivatives. By any reasonable measure, this is the opening bid.
The numbers, according to the company’s statement, are a proposal of €33 per share to all shareholders. The Financial Times puts the said price tag at around $11bn (€10bn). Uber chief executive Dara Khosrowshahi flew to meet Delivery Hero board chair Kristin Skogen Lund in person before the bid was made, the FT reported.
Delivery Hero, for its part, said only that it remained “absolutely focused” on the ongoing strategic review and declined to disclose further terms.
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A strategic review is the reason any of this is happening in this timeline. Most of Delivery Hero’s major shareholders have been clamoring for months, and chief executive Niklas Östberg, who founded the company in 2011, announced last week that he would step down once a successor is in place.
The succession is intended for the end of the year 2026, no later than March 31, 2027. The board appointed advisors and opened the program; Uber has now put a number on the table inside it.
It’s not just a number. DoorDash, sources told the FT, has fully explored its takeover and has separately expressed interest in Delivery Hero’s Middle East business, Talabat.
Some shareholders have been arguing for a price closer to €40 a share. The combination of a small discount offer, a sitting blocker, a common competitive approach, and an ongoing review of the sequence set the structure of the agreement to be renegotiated publicly in the next few weeks.
For Uber, the concept of hate travel is straightforward. Delivery Hero operates in more than 60 countries across Europe, the Middle East, Asia, Africa and Latin America, with brands including Foodpanda, Glovo, Talabat, and South Korea’s Baedal Minjok.
It’s the biggest non-US food delivery site in the world too, with DoorDash having already absorbed Deliveroo last year and Just Eat Takeaway selling Prosus for $4.3bn, and it’s the last of the unclaimed scale.
The complete acquisition will give Uber Eats a delivery network in all markets where DoorDash now competes heavily.
Uber’s budget for 2026 has been referenced elsewhere. The company has committed nearly $10bn to its robotaxi program, including a $1.25bn investment in Rivian’s R2 fleet of up to 50,000 autonomous vehicles, as well as partnerships with Wayve, Nissan, Lucid, Nuro and MOIA.
Khosrowshahi laid out the strategy, with calls for successive benefits, such as building a “daily service” across location, delivery, and commerce.
Results for Q1 2026 showed total bookings up 25% year-on-year and independent trips up tenfold. Bolting Delivery Hero on the delivery leg fits the frame.
Whether it is worth €33 is an open question. Uber shares fell 1.6% on Friday after Bloomberg first reported on the talks. Delivery Hero’s 1.76% discount to Friday’s close gives investors arguing for 40 euros a clear rhetorical wedge, and gives the German board cover to ask for more.
