The High-Stakes Tug-of-War for Delivery Hero: Uber’s Bid, Shareholder Revolt, and the €40+ Price Demand

This structure is no accident. Under Germany’s Securities Trading Act (WpHG), breaking the 30% threshold of voting rights in a listed company triggers a mandatory public offer for all outstanding shares. By holding its overall economic interest at 19.5%—and structuring part of it through instruments rather than straight voting rights—Uber maintains a massive influence without tripping that legal wire, giving it room to negotiate without being forced to bid for the entire company .

A Rapid and Strategic Stake-Build

Uber began this aggressive campaign in April 2026 with a direct purchase from Delivery Hero’s single largest shareholder. On April 17, Prosus, the Dutch technology investor, sold a 4.5% stake in Delivery Hero to Uber for €20 per share—a ~22% premium to the one-month volume-weighted average price . The transaction, worth approximately €270 million, also served a dual purpose, helping Prosus meet commitments to the European Commission tied to its own acquisition of Just Eat Takeaway.com .

This initial move didn’t go unnoticed. Analysts at Jefferies were left “baffled” by the price Prosus accepted, which marked the start of a swift and determined push by Uber to consolidate its position ahead of a formal bid .

The Formal Offer and Shareholder Pushback

On May 23, 2026, Delivery Hero confirmed it had received a formal indicative proposal from Uber to acquire all outstanding shares at €33 per share, valuing the company at roughly €10 billion (approximately $11.6 billion) . The company’s response was measured, stating it remained “fully focused on executing its strategic review process” .

The market quickly learned that €33 was not enough. Uber CEO Dara Khosrowshahi personally flew to Oslo to pitch a higher, richer offer to Delivery Hero’s supervisory board chair, Kristin Skogen Lund. He floated a bid but was rebuffed . Undeterred, Uber went directly to one of Delivery Hero’s largest shareholders with a €38-per-share offer, but this, too, was firmly rejected .

Several major shareholders have now drawn a clear line, telling the Financial Times they will not back a deal unless the price exceeds €40 per share . That counter-demand would represent a roughly 19% premium to the stock’s pre-announcement closing price and lift the total valuation to around €13 billion . In response, Uber’s board met on Saturday, May 23, to deliberate over raising its bid further, signaling that the company is seriously weighing how high it is willing to go .

DoorDash Circles the Middle East Jewel

Adding further complexity, DoorDash has entered the fray—but with a different target. Instead of chasing the entire company, DoorDash has been conducting exploratory talks to acquire Talabat, Delivery Hero’s prized quick-commerce business in the Middle East . Delivery Hero’s ongoing strategic review has included the possibility of selling Talabat separately, and DoorDash’s presence creates a parallel negotiation track. As Uber pursues the whole group, DoorDash is positioning to carve out one of its most valuable regional assets .

Significant Antitrust Obstacles

Even if the two sides agree on price, a deal is far from done. Analysts have flagged major antitrust risks. Uber Eats and Delivery Hero’s constellation of brands—including Foodpanda, Glovo, and Yemeksepeti—compete directly in roughly 22 markets spanning Europe, Latin America, the Middle East, and Asia . Both EU-level and national regulators would likely demand significant divestitures in overlapping territories before approving any combination. A recent precedent looms large: the European Commission required substantial remedies in Prosus’s acquisition of Just Eat Takeaway.com, a lesson not lost on dealmakers .

Leadership in Transition

Further complicating the landscape, Delivery Hero is undergoing a leadership change at the very top. Founder and CEO Niklas Östberg announced he will step down in March 2027, concluding his long tenure as chief executive. A succession process is already underway, adding an extra layer of uncertainty to the company’s strategic direction at a pivotal moment .

The battle for Delivery Hero is far more than a simple buyout. It’s a multi-dimensional chess game involving strategic shareholding laws, rival bidders, antitrust regulators, activist shareholders, and a company in transition. The outcome will likely reshape the global food delivery map for years to come.