Uber’s €33‑Per‑Share Bid for Delivery Hero: Why Investors Say It’s Too Low

Because the proposal is indicative and non‑binding, it does not guarantee a formal offer will follow or that a transaction will occur.

If completed, the acquisition would help Uber expand its international food‑delivery footprint and compete more aggressively with rivals outside the United States.

Why the Offer Is Considered Below Market Value

Takeover offers typically include a premium over the target company’s current share price. Uber’s proposal stands out because it does not provide that premium.

At the time the approach became public, €33 per share was about 1.76% below Delivery Hero’s previous closing price, meaning investors could already sell their shares in the market for slightly more.

That unusual structure immediately led investors to view the proposal as an opening bid rather than a realistic final offer.

Uber Is Already Delivery Hero’s Largest Shareholder

Even before the takeover approach, Uber had been rapidly building a position in the company.

• Uber recently increased its stake from roughly 7% to about 19.5% of Delivery Hero’s issued capital, making it the largest shareholder.
• The stake is valued at roughly €1.7 billion based on recent market prices.
• Uber also holds options on an additional 5.6% of shares, which could strengthen its influence further.

This sizable ownership stake gives Uber strategic leverage and signals that the company may view Delivery Hero as a key piece of its long‑term global expansion.

Why Investors Are Pushing for €40 or More

Several large shareholders reportedly believe a realistic takeover price would need to exceed €40 per share.

There are a few reasons for that expectation:

• Control premium: Buyers usually pay significantly more than the market price when acquiring full control of a company. Uber’s proposal currently lacks that premium.
• Strategic importance: Uber’s decision to accumulate a large stake suggests the asset is valuable to its long‑term strategy.
• Competitive interest: The involvement of more than one potential buyer tends to drive up acquisition prices.

Taken together, those factors have led many investors to treat €33 as a starting point for negotiations rather than a fair valuation.

How DoorDash Could Change the Deal

Another major factor shaping the negotiations is reported interest from DoorDash, Uber’s biggest global rival in food delivery.

According to reporting cited by Reuters and the Financial Times, DoorDash has also held exploratory discussions with Delivery Hero investors about a potential acquisition.

If DoorDash decides to pursue the company seriously, the situation could quickly evolve into a competitive bidding process. In that scenario:

• Uber might need to raise its offer substantially to secure control.
• Delivery Hero investors would gain stronger bargaining power.
• The eventual winner could reshape the competitive balance in global food delivery.

What Happens Next

For now, the process remains in an early stage. Delivery Hero has only confirmed receiving an indicative proposal, and the company says it is continuing its strategic review.

That means several outcomes remain possible:

• Uber could increase its offer and launch a formal takeover bid.
• DoorDash could enter the process and spark a bidding war.
• Delivery Hero could remain independent if no acceptable price emerges.

What is clear is that the company sits at the center of a strategic contest between two of the world’s largest delivery platforms—a battle that could determine who controls one of the biggest international food‑delivery networks outside the United States.