Uber Launches Takeover Bid for European Food Delivery Rival Delivery Hero
Berlin, Sunday 24 May 2026
Uber is pursuing a €33 per share takeover of Delivery Hero, a strategic move poised to dramatically reshape the European food delivery market and challenge regional competitors.
The Mechanics of the Proposed Buyout
On Saturday, 23 May 2026, Frankfurt-listed Delivery Hero SE formally confirmed the receipt of an indicative takeover proposal from Uber Technologies Inc., valuing the German company’s equity at €33 (approximately $38.29) per share [1][8]. Curiously, this proposal represents a discount of approximately 1.76% against Delivery Hero’s closing price on the preceding Friday [8]. This overture is the culmination of Uber’s aggressive accumulation of Delivery Hero stock; just days prior, on 19 May 2026, Uber disclosed it had expanded its holding from roughly 7% to 19.5% of the issued capital, supplemented by a further 5.6% in financial options, bringing its total potential exposure to 25.1% [2][3][8]. Facilitated by Morgan Stanley through the use of complex derivatives, this strategic positioning established Uber as the undisputed largest shareholder, with its current core equity stake valued at roughly €1.7 billion [3][8].
The timing of the bid intersects with significant internal restructuring at Delivery Hero. The German conglomerate’s Chief Executive Officer, Niklas Oestberg, announced his departure the previous week following intense pressure from major shareholders demanding a strategic pivot [8]. Consequently, the company has stated it remains entirely focused on executing an ongoing