Uber’s €33 bid for Delivery Hero detailed

Delivery Hero has confirmed it received a takeover offer from Uber (UBER) valuing the Frankfurt-listed food-delivery group at €33 per share. The approach positions Uber as a potential acquirer of one of Europe’s largest meal-delivery platforms and highlights ongoing consolidation pressures in the sector.

Reuters reported that the offer followed a rapid build-up of Uber’s shareholding in Delivery Hero. The proposal, disclosed in late May, comes as multiple strategic options are being examined by Delivery Hero’s leadership and major shareholders.

Delivery Hero said Uber has raised its stake to about 19.5% of issued capital, up from roughly 7%. Based on Delivery Hero’s market levels at the time, Reuters estimated that the enlarged holding is worth around €1.7 billion.

Bloomberg reported that Uber is working with advisers to study options for a full takeover of Delivery Hero while continuing discussions with other shareholders. The combination of a significant minority stake and a formal €33 per share proposal underscores Uber’s strategic interest in the company.

While Uber’s proposal values Delivery Hero at €33 per share, some existing investors have indicated they are seeking higher terms. According to the Financial Times, as cited by Reuters, multiple shareholders said they would look for a price above €40 per share.

This gap between Uber’s indicated offer level and some investors’ price expectations introduces uncertainty over whether a deal can be agreed on current terms. The differing views on valuation are emerging as a central factor in any potential transaction.

Uber is not the only U.S. food-delivery group examining Delivery Hero. Reuters reported that Uber and rival DoorDash have both held exploratory talks with Delivery Hero investors ahead of possible bids, sounding out appetite for various deal structures.

DoorDash is said to be primarily interested in Delivery Hero’s Middle East operations, which include the Talabat and HungerStation brands. This focus suggests that a breakup of Delivery Hero’s regional businesses could be one potential outcome under consideration by interested parties.

Against this backdrop, Delivery Hero’s board is weighing a range of strategic alternatives. According to Reuters, these include a complete sale of the company as well as a series of transactions that would spin off its Middle Eastern and South Korean divisions.

Bloomberg reported that Uber has been in contact with other Delivery Hero investors as it studies ways to increase its holding and explore a full takeover. The board’s deliberations on whether to pursue a single buyer, regional disposals, or another structure will be key to the eventual shape of any deal.

The reports from Reuters, the Financial Times and Bloomberg, dated May 22–23, 2026, collectively depict an evolving situation around Delivery Hero. Uber’s confirmed €33 per share offer, its near-20% stake, and competing interest from DoorDash frame a contested strategic landscape.

With investors voicing higher price expectations and the board considering both full-sale and spin-off scenarios, negotiations and further talks with suitors and shareholders are likely to determine whether Uber’s proposal advances, is revised, or gives way to alternative structures involving its global rivals.