Delivery Hero's stock price increased by 10.5% after the Financial Times reported that Uber is contemplating a higher bid for the German food delivery company. Uber has made an initial offer of €33 ($38.29) per share, valuing Delivery Hero at over €10 billion. The company confirmed it is focused on its strategic review process, indicating that it is evaluating its options.
Notably, Uber has recently increased its stake in Delivery Hero to approximately 19.5%, making it the largest shareholder. This move comes after a previous offer of €38 per share was rejected by a significant shareholder of Delivery Hero. In contrast, Uber's shares fell by 2.4% following the news.
If the acquisition proceeds, it would contribute to ongoing consolidation trends in the food delivery sector, following similar moves by DoorDash and Prosus in the past year