Uber weighing higher bid for Germany’s Delivery Hero: report

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Uber’s board held a meeting on Saturday to discuss potentially increasing its offer for Delivery Hero after a major shareholder rejected Uber’s initial bid, which would have valued the German food delivery company at over 11.5 billion euros ($13.39 billion), as reported by the Financial Times on Sunday.

According to the FT report, the board convened to review the progress of their takeover bid, with insights from three sources familiar with the situation.

Delivery Hero confirmed receiving a takeover proposal from rival Uber on Saturday, valuing the company at 33 euros per share. Uber CEO Dara Khosrowshahi traveled to Oslo this week to meet with Delivery Hero’s supervisory board chair Kristin Skogen Lund, where he presented the 33-euros-per-share offer, as per the FT.

Uber is considering a higher bid for Germany’s Delivery Hero. REUTERS

In the past few days, Uber approached one of Delivery Hero’s major shareholders with an offer of 38 euros per share, which was declined, as per the FT report. This offer represented a premium of approximately 15.3% over Delivery Hero’s closing price on Friday, based on calculations by Reuters.

Uber is now contemplating whether to revise its bid once more, the newspaper noted.

Multiple Delivery Hero shareholders expressed to the FT their desire for a price exceeding 40 euros per share for the complete company. DoorDash has also shown interest in Delivery Hero and reached out to shareholders for information but has not acquired any shares, the FT report mentioned.

Uber and Delivery Hero have not provided a response to a request for comment from Reuters.