What are the terms, strategic rationale, conditions, timeline, and potential implications of Uber Technologies’ voluntary public takeover bid for Delivery Hero—including the €41.50 per share cash offer and its premiums, BaFin approval and August 27–November 5, 2026 acceptance per

Uber’s bid is an all-cash, voluntary public takeover offer for Delivery Hero that would give Uber substantially greater global delivery scale, but it remains conditional on shareholder tenders and merger-control approvals. Delivery Hero remains an independent company until settlement, currently expected in the second half of 2027. 12

• Offer terms and timing: Uber’s indirect subsidiary offers €41.50 cash for each Delivery Hero share not already held. BaFin approved the offer document; the acceptance period runs from August 27 through November 5, 2026, at midnight Frankfurt time. 12

• Premium and valuation: The price represents about a 108% premium to Delivery Hero’s unaffected May 8 closing price and about a 127% premium to its unaffected three-month VWAP. It implies about $14.8 billion of equity value for 100% of Delivery Hero, or $13.7 billion net of Uber’s prior stake purchases. 12

• Uber’s ownership position: Before launch, Uber held about 24.77% of Delivery Hero voting capital plus derivatives giving roughly 11.74% additional economic exposure. Prosus has irrevocably agreed to tender 16.68%, bringing Uber’s total economic interest to approximately 53%. 12

• Conditions and settlement: The offer requires at least 50% plus one share of Delivery Hero’s share capital, excluding treasury shares but including Uber-held shares, and required merger-control and other regulatory clearances. Cash settlement is expected in H2 2027, so timing remains exposed to regulatory review and satisfaction of the other conditions. 12

• Strategic logic: Uber characterizes the transaction as an expansion of its multi-product mobility-and-delivery platform to 99 total markets, with $236 billion of 2025 pro-forma gross bookings. More specifically, it would nearly double markets in which Uber can offer both mobility and delivery—from 34 to 58—allowing more cross-selling, merchant density, courier utilization, subscriptions, and platform-scale efficiencies. 12

• Competitive implications: The deal would create a much larger food-delivery competitor outside China and strengthen Uber against major U.S. and European rivals; food delivery is capital-intensive, highly competitive, and scale-dependent. 2 Delivery Hero’s strong local brands, established market positions, quick-commerce capability, and subscription/customer-engagement model help explain the strategic value, though their durability will still depend on competitive intensity and regulation.

• Delivery Hero’s improving standalone performance: Delivery Hero raised its 2026 GMV-growth outlook to 9%–11%, from 8%–10%; it also lifted revenue-growth guidance to 17%–19%, adjusted-EBITDA guidance to €960 million–€1 billion, and free-cash-flow guidance to above €250 million. 7 First-half adjusted EBITDA was about €427 million, up roughly 4% year over year and ahead of expectations. 35

• Could the price rise? Some analysts have suggested the bid could be sweetened, plausibly because Delivery Hero’s operating momentum improved after the initial agreement and the bid price leaves execution and valuation upside with Uber. That is market opinion, not an announced Uber commitment; the binding offer remains €41.50 per share. 12

• Independence before closing: Delivery Hero continues to operate independently pending settlement. Uber has also committed not to enter into a domination and profit-transfer agreement for three years, limiting one route to immediate formal control integration after closing. 12

• SSW Partners carve-out: Separately, Delivery Hero agreed to sell businesses in 14 markets—particularly overlap markets—to SSW Partners for about $1.6 billion. That sale is separate from, but conditional on, completion of Uber’s offer; Uber would not control those businesses, and SSW would independently seek strategic partners for them. 12

The central decision for shareholders is therefore whether €41.50 adequately compensates them for Delivery Hero’s improving profitability and possible standalone upside, versus the execution, competition, and long regulatory timetable still facing the transaction.