Uber launches €41.50-per-share takeover offer for Delivery Hero

Uber Technologies, Inc. (NYSE: UBER) has published an offer document for its voluntary public takeover bid for Delivery Hero SE, following approval from Germany's Federal Financial Supervisory Authority (BaFin).

The offer, made through Uber's indirect wholly-owned subsidiary Uber International Technologies II Corporation, is priced at €41.50 per share in cash. That price represents a premium of approximately 108% to Delivery Hero's unaffected closing share price on May 8, 2026, and a premium of approximately 127% to the volume-weighted average Xetra price during the three months prior to and including that date.

The acceptance period runs from August 27, 2026, through November 5, 2026. Settlement, including payment, is expected in the second half of 2027.

Uber originally announced its intention to launch the offer on July 16, 2026. At that time, the company held approximately 24.77% of Delivery Hero's issued voting share capital, with additional economic exposure of approximately 11.74% through equity derivatives. Uber also entered into an irrevocable undertaking with Prosus covering approximately 16.68% of Delivery Hero's share capital, bringing Uber's total economic interest to approximately 53%.

The offer is subject to a minimum acceptance threshold of 50% plus one share of Delivery Hero's outstanding capital, excluding treasury shares, as well as required merger control and other regulatory clearances. Uber has committed to not entering into a Domination and Profit Transfer Agreement for three years.

Delivery Hero's Management Board and Supervisory Board are expected to publish a joint reasoned statement supporting the offer.

Separately, Delivery Hero has agreed to sell operations in 14 markets to SSW Partners, a New York-based investment firm. That transaction is conditional upon the closing of the Uber offer. Uber stated it has no influence over SSW Partners or the businesses it would acquire.

According to the press release, the combined entity would have pro-forma gross bookings of $236 billion in 2025 and would expand Uber's presence to 99 markets.

You May Also Be Interested In

• Justice Department halts antitrust cooperation with Canada - report
• Seagate board member Arumugavelu to step down at annual meeting
• Novartis pelacarsen trial fails to meet primary endpoint