Uber publishes formal offer document for Delivery Hero takeover

Investing.com -- Uber on Thursday published the formal offer document for its voluntary takeover bid for Delivery Hero, after receiving approval from German financial regulator BaFin, kicking off an acceptance period that runs from August 27 to November 5.

Delivery Hero shareholders can now tender their shares for €41.50 in cash apiece — a premium of about 108% to the company’s unaffected closing price on May 8, and about 127% above its three-month volume-weighted average price through that date. Delivery Hero’s management and supervisory boards are expected to issue a joint statement backing the offer.

Uber first announced its intention to pursue the deal on July 16, aiming to extend its multi-product platform to 99 markets with combined pro-forma gross bookings of $236 billion in 2025. The takeover would nearly double the number of markets where Uber offers both mobility and delivery services, to 58 from 34.

Ahead of the offer’s launch, Uber held roughly 24.77% of Delivery Hero’s voting share capital, plus additional economic exposure of about 11.74% through equity derivatives. Uber also secured an irrevocable commitment from Prosus to tender roughly 16.68% of Delivery Hero’s shares, bringing Uber’s total economic interest to approximately 53%. Uber has agreed not to pursue a domination and profit transfer agreement for three years.

The offer requires acceptance from more than 50% of Delivery Hero’s share capital, excluding treasury shares, along with merger control clearance and other regulatory approvals.

Earlier in the day, Delivery Hero raised its 2026 guidance, citing strengthening demand and improved profitability. The company now expects gross merchandise value — the total value of goods sold through its marketplace — to grow 9% to 11% this year, up from a previous forecast of 8% to 10%. Analysts polled by the company had forecast average annual GMV growth of 9.1%, to €51.63 billion.

Adjusted EBITDA rose 3.9% to €427 million in the first half of 2026, ahead of the €396 million analysts had expected.

You May Also Be Interested In

• Uber launches €41.50-per-share takeover offer for Delivery Hero
• Uber (UBER) Reiterated at Market Outperform by Citizens as AV Partners Make Progress
• Citi sees an opportunity in Oracle after ’one of the most extreme’ stock drawdowns