Uber Technologies Inc. (NYSE:UBER) has officially kicked off its takeover bid for Delivery Hero SE, after getting the green light from Germany's financial watchdog, BaFin. The ride-hailing giant's indirect subsidiary published the offer document on Thursday, and Delivery Hero shareholders can now tender their shares for €41.50 each in cash.
That price isn't just a token gesture. It represents a roughly 108% premium to Delivery Hero's unaffected closing price on May 8, and a 127% premium to the stock's three-month volume-weighted average Xetra price through that date. In other words, Uber is paying up—big time—to get this deal done.
The acceptance period runs through Nov. 5 at midnight in Frankfurt (or 6 p.m. in New York). Delivery Hero's management and supervisory boards are expected to back the offer in a joint statement, which is a good sign for the deal's prospects.
Uber first announced its takeover plan on July 16. If the deal goes through, the combined company would operate across 99 markets and would have generated $236 billion in pro forma gross bookings in 2025. It would also boost the number of markets offering both Uber mobility and delivery services from 34 to 58. That's a lot more places where you can get a ride and a meal from the same app.
Uber already owns about 24.77% of Delivery Hero's voting shares, plus derivative exposure equal to roughly 11.74% of the company. On top of that, Prosus has agreed to tender its 16.68% stake. Together, those positions give Uber an economic interest of about 53%. But the offer still requires acceptance from holders representing at least 50% plus one share, and it's subject to antitrust and other regulatory approvals. So there's still a ways to go.
If everything clears, settlement and cash payment are expected in the second half of 2027. That's a while off, but these things take time.
As for Uber's stock, it was trading down 0.45% at $78.13 during premarket trading on Thursday, according to market data. Not a huge move, but investors are watching.
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