Uber’s opening bid for Delivery Hero was €33 per share, valuing the German food delivery company at more than €10 billion. A key shareholder rejected it. Uber came back at €38, pushing the implied valuation to more than €11.5 billion ($13.3 billion), and was turned away again. Now the board is back at the table, deciding how much higher to go.
Delivery Hero confirmed the €33 indicative proposal in a Saturday regulatory filing. Uber is already a major shareholder in the company. That €33-to-€38 escalation is a 15% jump, and shareholders apparently don’t think it’s enough.
DoorDash is also circling. It completed its Deliveroo deal in October 2025, extending delivery coverage across Europe, the Middle East, and Singapore. A Delivery Hero bid would build on that international footprint even further.
What Uber buys here is international delivery infrastructure where Uber Eats doesn’t compete organically. The Prosus acquisition of Just Eat Takeaway for €4.1 billion in February 2025 paid a 49% premium. Delivery Hero at €11.5 billion is nearly three times that price, but it’s a much bigger asset covering dozens of markets Uber can’t afford to cede to DoorDash.
CEO Dara Khosrowshahi flew to Oslo personally to pitch the supervisory board chair as part of the initial approach. The subsequent €38 offer to a key shareholder was also turned away. The number Delivery Hero’s shareholders have in mind is probably closer to €40.
Diana Kowalski