Uber offers €33 a share for Delivery Hero

Uber submitted an indicative offer of €33 per share for Berlin-based Delivery Hero on Saturday after raising its holding to roughly 19.5% of issued capital, regulatory filings show. The stake includes about 5.6% held through call options. At the offer price the combined position is worth about €1.7 billion.

The €33-per-share bid is roughly 1.76% below Delivery Hero’s closing price on the previous trading day. Delivery Hero’s regulatory filing said the company will continue a strategic review of its business and assets and will provide updates if and when appropriate.

Uber increased its stake quickly in recent weeks. In April the company bought a 4.5% block from Prosus for about €270 million. Uber has also engaged advisers on ways to expand its holding further.

Until April, Uber had indicated it did not intend to exceed the 30% ownership threshold that triggers a mandatory public tender offer under German securities law. The indicative offer represents a formal step beyond that earlier position.

Delivery Hero’s strategic review has included consideration of asset sales, including interest in its South Korean unit Baemin. Founder and Chief Executive Niklas Östberg confirmed he will step down by March 31, 2027.

Under German takeover rules, crossing a 30% stake normally requires a full mandatory tender offer to all shareholders. No binding agreement has been announced and Delivery Hero’s board will evaluate the offer alongside other strategic options as part of the review process.

Uber has also been pursuing other financial-technology initiatives, including exploration of stablecoin-based payment systems for its payments infrastructure. The filing was made amid improved investor sentiment in European markets, which has coincided with easing geopolitical tensions in recent weeks.