The Management Board and Supervisory Board of Delivery Hero SE (Frankfurt Stock Exchange: DHER) have jointly recommended that shareholders accept a voluntary public takeover offer from Uber Technologies, Inc. (NYSE: UBER), according to a statement published on September 2, 2026.

The offer, made through Uber's subsidiary Uber International Technologies II Corporation, proposes a cash consideration of €41.50 per Delivery Hero share. The boards described the price as fair and adequate after independently reviewing the offer document.

The offer price represents a premium of approximately 127% over Delivery Hero's unaffected three-month volume-weighted average share price on the XETRA exchange prior to May 8, 2026, and a premium of approximately 108% over the XETRA closing price on that date. It also represents a premium of approximately 35% over the three-month average price prior to Uber's announcement of its intention to launch an offer on July 16, 2026, and exceeds the average analyst price target published before May 8, 2026, by approximately 52%.

Two fairness opinions were obtained. J.P. Morgan Securities plc, acting as exclusive financial advisor to Delivery Hero, provided one opinion to both boards. UniCredit Bank GmbH provided a separate opinion to the Supervisory Board. Both concluded the offer price is fair from a financial point of view, subject to their respective assumptions and limitations.

The acceptance period opened when the offer document was published on August 27, 2026, and is expected to close on November 5, 2026, at 24:00 CET. The offer is subject to a minimum acceptance threshold of 50% plus one share of Delivery Hero's capital, excluding treasury shares, as well as merger control and other regulatory approvals.

Uber has secured an irrevocable undertaking covering 16.68% of Delivery Hero shares. Combined with its existing 24.77% shareholding and 11.74% held via instruments, Uber's total economic interest would exceed 53% of Delivery Hero's current share capital. Completion of the transaction is expected in the second half of 2027.