Delivery Hero (DHER) Shares Soar as Uber Mulls Sweeter Takeover Offer

Key Highlights

• Shares of Delivery Hero rallied up to 12.7%, reaching €37.85—the highest point in 18 months
• The German food delivery firm turned down Uber’s preliminary €33 per share proposal over the weekend
• Reports suggest Uber presented a €38 per share bid to a key investor, which was also declined
• Certain stakeholders are reportedly seeking offers exceeding €40 per share
• Investment banks Jefferies and Citi have raised red flags over potential antitrust challenges, noting market overlaps in 17–22 countries

Shares of Delivery Hero reached their strongest position since late 2024 during Monday trading following indications that Uber may be preparing to submit an enhanced acquisition proposal for the German delivery platform.

Delivery Hero SE, DHER.DE

The stock surged as much as 12.7% during the session, peaking at €37.85. This price point translated to a market capitalization of approximately €11.5 billion ($13.4 billion). As of 08:45 GMT, shares were changing hands around €36.99, representing a 10.1% gain.

This latest surge built upon an already impressive rally. Delivery Hero had already posted gains exceeding 80% across the prior 10 trading sessions before Monday’s opening bell.

Over the weekend, Delivery Hero publicly acknowledged receiving a preliminary offer from Uber valued at €33 per share. The board chose not to move forward with that proposal.

Subsequent reporting by the Financial Times on Sunday revealed that Uber’s board convened Saturday to evaluate the possibility of submitting a higher offer. The FT’s sources indicated that Uber had already contacted one of Delivery Hero’s major institutional investors with a revised €38 per share proposal—which was similarly rejected.

The publication further noted that multiple shareholders are now targeting prices north of €40 per share before entertaining any potential transaction.

Uber’s Strategic Position

Uber currently holds the position of Delivery Hero’s single largest shareholder. Earlier this month, the ride-hailing giant expanded its ownership from approximately 7% to 19.5% of outstanding shares.

This significant stake increase telegraphed unmistakable strategic ambitions. The latest acquisition speculation has now thrust the potential merger-and-acquisition scenario into the spotlight for market participants.

Delivery Hero representatives stated they had no additional information beyond their Saturday disclosure. Uber did not respond to requests for comment from Reuters.

Regulatory Headwinds Loom Large

Any potential transaction faces significant hurdles. Market analysts have swiftly identified regulatory approval as the primary challenge.

Jefferies highlighted “a myriad of antitrust issues to unravel,” observing that the two companies compete directly in 22 geographic markets, with nine of those located within Europe.

Citi’s equity analyst Monique Pollard reinforced this assessment in a Monday research note, indicating that antitrust complications were anticipated given operational overlap across 17 markets. She suggested that divesting certain overlapping regional operations to alternative buyers could present a viable pathway forward.

DoorDash has emerged as another potential player in this scenario. Saturday’s FT report indicated that both Uber and DoorDash engaged in preliminary conversations with Delivery Hero’s investor base—hinting at multiple interested parties.

Delivery Hero has faced mounting pressure from its shareholder base regarding strategic direction. Earlier in the month, the company announced that its chief executive would be departing in March 2027.

As of Monday morning, both Uber and Delivery Hero have declined to provide further commentary on the matter.