Massive $11.6 Billion Offer for Food Delivery Giant Sparks Double-Digit Stock Surge

Table of Contents Uber presented a €10 billion acquisition proposal for Delivery Hero this week, pitching €33 per share for the German food delivery platform. The proposed transaction places the enterprise value near $11.6 billion. The Berlin-headquartered company acknowledged the unsolicited approach following the weekend. Shares climbed as high as 13% to reach €37.85 during morning European sessions, extending the stock’s year-to-date appreciation to approximately two-thirds. Delivery Hero SE, DHER.DE Uber’s €33-per-share proposal landed marginally beneath Delivery Hero’s previous Friday closing price of €33.59. By the following Tuesday morning, shares were changing hands around €37.60, indicating market participants anticipate a revised, higher proposal. Uber has systematically expanded its stake in Delivery Hero throughout recent weeks. The ride-hailing giant currently maintains a 19.5% direct ownership position, supplemented by an additional 5.6% held through derivative financial instruments — establishing it as the company’s predominant shareholder. Just days earlier, Uber publicly stated it harbored no plans to accumulate 30% or greater of Delivery Hero’s voting shares. The comprehensive takeover proposition represents a dramatic pivot from that previously declared stance. Delivery Hero has navigated substantial organizational transformation recently. Co-founder and chief executive Niklas Ostberg revealed his planned exit by March of next year, while the organization initiated a comprehensive strategic assessment in December that encompassed potential transactions for certain business units. This corporate review, coupled with Prosus divesting portions of its holdings to satisfy European Union regulatory requirements for an unrelated transaction, created opportunities for Uber to methodically increase its ownership stake. The proposal’s timing also correlates with competitive dynamics. DoorDash has been reportedly exploring opportunities within Delivery Hero’s portfolio. Following its approximately $3.9 billion acquisition of British platform Deliveroo last year, DoorDash expanded its international footprint and appeared positioned for additional acquisitions. The global food delivery sector has witnessed a steady reduction in standalone operators over recent years. The pandemic-driven surge in delivery volume has receded, taking with it the abundant venture capital that sustained smaller platforms. Compressed operating margins combined with investor attention pivoting toward artificial intelligence and alternative sectors have accelerated merger activity. Achieving operational scale has transformed from advantage to necessity. DoorDash completed its acquisition of Finnish operator Wolt. Delivery Hero absorbed Spain’s Glovo. Prosus purchased Just Eat Takeaway. The transaction pipeline remains active. Amazon is simultaneously intensifying its presence in this market, rolling out 30-minute delivery services for groceries and everyday items across numerous American metropolitan areas. Competition continues intensifying across the sector. Delivery Hero indicated it maintains focus on its ongoing strategic evaluation and will communicate additional developments when appropriate. Aspex Management, a Hong Kong-domiciled investment firm, controls a 14.55% position in Delivery Hero following its purchase from Prosus — positioning it as the second-largest stakeholder after Uber. Uber had not provided commentary in response to inquiries at publication time.