The €33 per share offer comes at a slight discount to Friday’s price, but with Uber already sitting on a quarter of the company and DoorDash circling, the offer is the beginning, not the end, of negotiations.
Delivery Hero confirmed on Saturday that Uber has submitted a formal takeover bid for the Berlin-based food delivery group at €33 a share.
The price is awkward for Uber, a 1.76% discount to where Delivery Hero closed on Friday, and comes about a month after Uber nearly tripled its stake in the company to 19.5%, with another 5.6% acquired through derivatives. By any reasonable measure, this is an opening bid.
By the numbers company statementis an indicative offer of €33 per share for all shareholders. The Financial Times put the intended price tag at around $11 billion (€10 billion). Uber chief executive Dara Khosrowshahi flew to meet Delivery Hero’s supervisory board chairman Kristin Skogen Lund in person before the offer was made, the FT reported.
Delivery Hero, for its part, said only that it was “fully focused” on the strategic review already underway and declined to disclose additional terms.
Strategic vision is why any of this is happening in this timeline. Several of Delivery Hero’s biggest shareholders have been pushing for it for months, and chief executive Niklas Östberg, who co-founded the company in 2011, announced last week that he would step down after a successor was named.
Succession is planned for the end of 2026, no later than March 31, 2027. The council appointed advisers and opened the process; Uber has now put a number on the table inside it.
This is not the only number. DoorDash has explored a full takeover of itself, and Delivery Hero’s Middle East business, Talabat, has shown separate interest, sources told the FT.
Some shareholders are arguing for a price closer to 40 euros per share. A combination of a slightly discounted offer, a sitting blockholder, a parallel competitive approach and an ongoing consistency review is the structural makeup of the deal, which will be renegotiated in public over the next few weeks.
For Uber, the logic behind going rogue is simple. Delivery Hero operates in over 60 countries across Europe, the Middle East, Asia, Africa and Latin America through brands such as Foodpanda, Glovo, Talabat and South Korea’s Baedal Minjok.
It’s the largest non-US grocery delivery footprint in the world, and it’s also the latest in unclaimed scale, as DoorDash already acquired Deliveroo last year and Just Eat Takeaway was sold to Prosus for $4.3 billion.
The full acquisition would give Uber Eats a delivery network in markets where DoorDash now directly competes with it.
Uber’s 2026 capital allocation is listed elsewhere. The company has allocated about 10 billion dollars to the robotaxi program Riviana invests $1.25 billion Along with partnerships with Wayve, Nissan, Lucid, Nuro and MOIA, for a fleet of up to 50,000 autonomous R2 vehicles.
Khosrowshahi framed the strategy as building “everyday utility” across mobility, delivery and commerce in consistent earnings calls.
Results of the first quarter of 2026 showed a 25% increase in total bookings and a 10-fold increase in autonomous travel during the year. Bolting Delivery Hero fits the frame to the delivery leg.
Whether it is worth €33 is an open question. Uber shares fell 1.6% on Friday after Bloomberg first reported the talks. Delivery Hero’s 1.76% discount to Friday’s close gives investors arguing for €40 a clear rhetorical wedge, leaving German management to ask for more.
