Berlin, Germany: Delivery Hero shares surged as much as 12.7% on Monday after reports said Uber was weighing a higher takeover bid for the German food delivery company.
Delivery Hero SE (DHER.DE) hit an intraday high of €37.85, its highest since November 29, 2024. That level valued the company at €11.5 billion, or $13.4 billion.
The Financial Times reported that Uber Technologies Inc. (UBER.N) was considering a higher offer after Delivery Hero rebuffed an earlier €33-per-share proposal. The earlier bid valued the company at about €10 billion.
The FT said Uber’s board discussed raising the offer after approaching a major shareholder with a €38-per-share bid. Several shareholders were seeking more than €40 per share.
Uber already owns 19.5% of Delivery Hero’s issued capital and holds another 5.6% through options, Delivery Hero said on May 18.
Read: Uber Delivery Hero Stake Rises To 19.5%
Brokerage Jefferies flagged antitrust risks due to overlap between Uber and Delivery Hero in 22 markets, including 9 in Europe.
