Uber fully pursues Delivery Hero with an offer that is lower than the closing price.

      The €33-per-share offer comes in at a slight discount compared to Friday's closing price. However, with Uber already owning a quarter of the company and DoorDash expressing interest, this proposal marks the beginning of negotiations rather than their conclusion.

      Delivery Hero announced on Saturday that Uber has made a formal takeover bid for the Berlin-based food delivery company, valued at €33 per share. This price, inconveniently for Uber, represents a 1.76% discount from Delivery Hero’s closing price on Friday. This bid follows Uber's recent increase of its stake in Delivery Hero to 19.5%, with an additional 5.6% held through derivatives. This can be seen as just the initial offer.

      According to the company’s statement, the proposed €33 per share is an indicative offer for all shareholders. The Financial Times estimated the implied valuation at approximately $11 billion (€10 billion). Uber’s CEO, Dara Khosrowshahi, reportedly met with Delivery Hero’s supervisory board chair, Kristin Skogen Lund, in person prior to the submission of the bid.

      Delivery Hero, on its part, stated that it is “fully focused” on the ongoing strategic review and did not reveal any further terms.

      This strategic review is the reason for the current developments. Several of Delivery Hero's major shareholders have advocated for it over the past months, and CEO Niklas Östberg, who co-founded the company in 2011, announced last week that he would resign once a successor is appointed, targeted for the end of 2026 or by March 31, 2027. The board has engaged advisors and initiated the process, and now Uber has submitted an offer amidst this.

      This is not the only offer on the table. Sources have informed the FT that DoorDash has considered a complete takeover of Delivery Hero and has also shown interest in its Middle Eastern business, Talabat. Some shareholders have been pushing for a price closer to €40 per share. The mix of a slightly discounted offer, an existing major shareholder, a competing bid, and an ongoing succession review sets the stage for a public renegotiation over the coming weeks.

      For Uber, the rationale behind pursuing this strategy is clear. Delivery Hero operates in over 60 countries across Europe, the Middle East, Asia, Africa, and Latin America, with brands such as Foodpanda, Glovo, Talabat, and South Korea’s Baedal Minjok. It boasts the largest non-US food delivery presence in the world and, following DoorDash's acquisition of Deliveroo last year and Just Eat Takeaway's sale to Prosus for $4.3 billion, it remains the last major player not yet acquired.

      A full acquisition would bolster Uber Eats' delivery network in markets where DoorDash is currently its closest competitor.

      Meanwhile, Uber's capital investment plans for 2026 are directed elsewhere. The company has pledged around $10 billion towards its robotaxi initiative, including a $1.25 billion investment in Rivian for a fleet of up to 50,000 autonomous R2 vehicles, as well as partnerships with Wayve, Nissan, Lucid, Nuro, and MOIA.

      Khosrowshahi has consistently framed the strategy, during various earnings calls, as developing “everyday utility” across mobility, delivery, and commerce. The Q1 2026 results indicated a 25% increase in gross bookings year on year and a tenfold rise in autonomous trips. Integrating Delivery Hero into the delivery segment aligns well with this narrative.

      The key question remains whether the deal is viable at €33. Following Bloomberg’s initial report on the discussions, Uber's shares fell by 1.6% on Friday. The 1.76% discount from Delivery Hero’s Friday closing price provides investors advocating for €40 a persuasive argument and offers the German board justification to request a higher bid.