Uber secures two-thirds of Delivery Hero in takeover bid

Uber ↘ 1.57% now controls about two-thirds of Delivery Hero. Figures released Tuesday, November 10, after the regular acceptance period for its takeover offer closed, show Uber holds 66.56% of the Berlin-based food delivery group. The result is well above the offer's minimum acceptance threshold of 50% plus one share. Shareholders who have not tendered get one more chance to sell at €41.50 per share before the deal moves into a long regulatory review.finance.yahoo.com+1

How the stake adds up

Uber said the 66.56% figure counts three things: shares tendered during the acceptance period, shares it already held, and share derivatives that give it the right to physical delivery. Treasury shares held by Delivery Hero are excluded from the total. The regular acceptance period ended on November 5. An additional acceptance period runs from Wednesday, November 11, to 24:00 Frankfurt time (18:00 New York time) on November 24.ir.deliveryhero.com+2

Uber made one change to the offer before the main window closed. It dropped a condition requiring merger-control clearance in Argentina, calling it "no longer relevant." The price and the remaining conditions stayed the same. Delivery Hero's management and supervisory boards said they had no objections to the change, and it did not lead them to depart from their earlier recommendation that shareholders accept.ir.deliveryhero.com

Long road to closing

The takeover still needs merger clearance and other regulatory approvals. Uber expects to complete it in the second half of 2027. The conditions include approval of the planned sale of some Delivery Hero operations to an affiliate of SSW Partners. Delivery Hero has said that sale covers its business in 14 countries and is worth about €1.4 billion. Uber's offer values Delivery Hero's equity at around €13 billion on a fully diluted basis.ir.deliveryhero.com+2

The two companies will operate independently until the deal closes. On its third-quarter earnings call, Delivery Hero said regulatory reviews were ongoing and its teams "stay focused on our customers".deliveryhero.com+1

A delivery giant without a home market

Delivery Hero has its headquarters in Berlin but sold its German operations to Just Eat Takeaway several years ago. It is no longer active in its home market. It is still one of the world's largest food delivery companies, with a strong presence in Asia, Southern Europe, the Arabian Peninsula and Africa, and brands that include Foodora. Uber first announced its plan to make the offer on July 16, and the offer document was published on August 27. Delivery Hero shares edged lower in trading Tuesday.finance.yahoo.com+1