Uber Board Considers Raising $13 Billion Bid After Delivery Hero Rejects €33 Offer

UBER

•

2026-05-25

Uber's board met May 23 to consider raising its $13 billion bid for Delivery Hero after the latter rejected a €33 per-share offer valuing it at about €10 billion. Activist investors Aspex (15% stake) and Prosus (17%) demand a higher valuation, while DoorDash eyes Delivery Hero’s MENA assets, heightening deal competition.

1. Board Meeting to Raise Offer

Uber’s board convened May 23 to evaluate increasing the $13 billion bid for Delivery Hero, reflecting a strategic push to strengthen its global delivery footprint.

2. Initial Offer Details and Rejection

The €33 per-share proposal valued Delivery Hero at roughly €10 billion but was rejected by the target’s management and key shareholders for lacking sufficient premium.

3. Activist Shareholders Seek Higher Valuation

Investors Aspex (15% stake) and Prosus (17%) have indicated they will press for a significant premium above the initial valuation, adding pressure on Uber to sweeten its offer.

4. Competitive Pressure from DoorDash

DoorDash’s exploration of acquiring Delivery Hero’s MENA operations introduces a rival bid, intensifying competition and forcing Uber to reassess its acquisition strategy.