Delivery Hero board backs Uber’s $14.8B takeover bid

Delivery Hero's management and supervisory boards on Wednesday formally endorsed Uber Technologies' ↘ 3.47% $14.8 billion takeover bid, recommending that shareholders accept the offer and clearing a key hurdle in what would be the largest deal in food delivery history.qz+1

The Berlin-based company said its boards had conducted an independent review of the offer and concluded it was "in the best interest of the Company, its shareholders, employees and other stakeholders," according to a company statement. The boards also said the combined entity could accelerate product innovation and create new opportunities for employees, customers, merchants, and drivers.qz

The Deal's Terms

Uber first announced the agreement in July, offering €41.50 per share in cash to Delivery Hero shareholders — a premium of roughly 127% over Delivery Hero's unaffected three-month volume-weighted average share price prior to May 8, 2026. The offer document was published on August 26 following approval by Germany's Federal Financial Supervisory Authority (BaFin), and the acceptance period runs through November 5, 2026.investor.uber+1

Uber already held a 24.77% direct stake in Delivery Hero, with an additional 11.74% economic exposure through equity derivatives. Prosus ↘ 4.12%, the second-largest shareholder with roughly 17%, has agreed to tender its shares, bringing Uber's total economic interest to approximately 53%. To finance the acquisition, Uber arranged a committed bridge facility of approximately €14 billion alongside cash on hand.qz

A Reshaping of Global Delivery

The combination would expand Uber's platform to 99 markets and create the largest food delivery operation outside China, with combined pro-forma gross bookings of $236 billion in 2025. DoorDash ↘ 5.33%, by comparison, reported marketplace gross order value of $102 billion, according to Business Insider.businessinsider+1

The deal would add delivery operations across 50 markets in Africa, Asia, and Europe, including brands such as foodpanda and Saudi Arabia's Hungerstation. Uber CEO Dara Khosrowshahi has said the acquisition would also serve as a springboard for expanding ride-hailing into new geographies.businessinsider

What Comes Next

Closing is expected in the second half of 2027, pending regulatory approvals including merger control clearances across multiple jurisdictions. Analysts have flagged integration complexity — involving technology migrations, business disposals, and the need to maintain local merchant and courier density across overlapping markets — as the primary near-term risk.seekingalpha+1