Uber Weighs Boosting €38-Per-Share Delivery Hero Bid After €33 Offer Declined
UBER•Uber’s board met May 25 to consider raising its €38 per share offer for Delivery Hero after shareholders rebuffed a €33 bid valuing the group at €10 billion. Aspex holds 15% of Delivery Hero and DoorDash eyes Talabat arm worth €9 billion, but antitrust overlap in 20+ markets complicates bids.
1. Uber Escalates Delivery Hero Offer
Uber initially approached Delivery Hero with a €33 per share indicative proposal valuing the company at approximately €10 billion. After major shareholders rejected that bid and a subsequent €38 per share offer, Uber’s board convened on May 25 to evaluate further increases.
2. Major Investors Push for Higher Premium
Activist investor Aspex Management holds around 15% of Delivery Hero and has signaled it will press for a price above €40 per share. Prosus retains roughly 17% and has strategic ambitions for European e-commerce, while some shareholders demand premiums near 20%.
3. DoorDash and Asset Carve-Up Considerations
DoorDash has expressed interest in Delivery Hero’s Middle Eastern unit Talabat, which investors value at up to €9 billion. Uber has also explored teaming with Naver for Delivery Hero’s Korean operations, suggesting a potential breakup could yield more value than a full-group takeover.
4. Antitrust Hurdles and Analyst Outlook
Both Uber and DoorDash face antitrust overlap in over 20 markets, including nine European regions, complicating any bid approval. Meanwhile, Jefferies raised Delivery Hero’s target price from €29 to €42.50 and CEO Niklas Östberg plans to step down by March 2027 under activist pressure.
