Uber has announced a voluntary public takeover offer for Delivery Hero, proposing a cash consideration of €41.50 per share. This offer values Delivery Hero at an equity value of $14.8 billion, or $13.7 billion after adjusting for Uber's existing stake. Both the Management Board and the Supervisory Board of Delivery Hero have independently reviewed the offer and deemed it to be in the best interest of the company, its shareholders, employees, and other stakeholders, therefore recommending shareholders accept it. The acceptance period for the offer is expected to end on November 5, 2026.
The offer price of €41.50 per share represents substantial premiums over Delivery Hero's recent share prices. Specifically, it is approximately 127% higher than the three-month volume-weighted average XETRA share price before May 8, 2026, and about 108% higher than the XETRA closing price on that day. It also exceeds the three-month average price prior to Uber's announced intention to offer on July 16, 2026, by approximately 35%, and surpasses the average analyst price target published before May 8, 2026, by roughly 52%. Financial advisors J.P. Morgan Securities plc and UniCredit Bank GmbH both provided fairness opinions, concluding that the offer price is fair from a financial perspective.
Key shareholders, including Prosus, have irrevocably committed to tendering their shares, bringing Uber's total economic interest to over 53% of Delivery Hero's share capital once combined with its existing 24.77% shareholding and an additional 11.74% held via instruments. Prosus's commitment involves selling its remaining 16.8% stake. The transaction is contingent on a minimum acceptance threshold of 50% plus one share, along with various merger control and other regulatory clearances. The acquisition is anticipated to be accretive to Uber's Non-GAAP EPS upon closing, with a high-single-digit percentage accretion by the third year.
The combined entity aims to leverage Uber's global technology and mobility network with Delivery Hero's local delivery brands and Quick Commerce capabilities to accelerate product innovation and create opportunities for various stakeholders. Analysts like Thomas Hofmann from LBBW and Alexander Ziencowicz from MWB Research, who initially had reservations, have reversed their stances, now advising acceptance due to the revised price and the competitive environment where scale is crucial. Despite the board's endorsement and secured majority support, Delivery Hero shares recently traded near €36.69 ($43), reflecting a roughly 12% discount to the offer price, indicating ongoing market assessment of regulatory risks and the extended closing timeline, with completion expected in the second half of 2027.
