Shares of Delivery Hero jumped more than 10% on Monday after reports that Uber Technologies is preparing an improved takeover offer for the German food delivery giant, intensifying what could become one of the most consequential consolidation battles in the global delivery industry.
The rally followed a Financial Times report that Uber’s board met over the weekend to discuss raising its bid after an earlier proposal was rejected by at least one major Delivery Hero shareholder. Investors are increasingly betting that Uber may need to substantially sweeten its offer to secure control of the Berlin-based company, whose international footprint has become strategically valuable as competition intensifies outside North America.
Delivery Hero confirmed on Saturday that it had received an indicative takeover proposal from Uber worth €33 per share, valuing the company at more than €10 billion. However, the latest report suggests Uber may now be considering a significantly higher price after resistance from shareholders seeking closer to €40 per share.
Register for Tekedia Mini-MBA edition 20 (June 8 – Sept 5, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab.
The German company reiterated that it remains focused on its broader review process and would provide updates “as required or appropriate.”
Delivery Hero’s stock surged at the open, reflecting growing expectations that a bidding war or higher revised offer could emerge. Uber shares, by contrast, fell late last week after investors assessed the potential financial and regulatory complexity of a large-scale acquisition.
The pursuit marks a dramatic escalation in Uber’s international expansion strategy. Last week, Delivery Hero disclosed that Uber had rapidly increased its ownership stake to roughly 19.5% from around 7%, making the U.S. ride-hailing and delivery company its largest shareholder. The speed of the accumulation surprised markets and highlighted Uber’s determination to secure a stronger global position against rivals, including DoorDash, which has also been exploring international growth opportunities.
Analysts say Delivery Hero has become one of the few remaining large-scale global delivery platforms available for acquisition, particularly after a sweeping wave of consolidation reshaped the sector over the past two years.
Last year, DoorDash acquired Deliveroo, while Prosus moved to acquire Just Eat Takeaway.com, indicating mounting pressure on delivery companies to pursue scale, profitability, and operational efficiency after years of cash-burning expansion.
The economics of food delivery have shifted sharply since the pandemic boom. Investors who once rewarded rapid market share growth now demand sustainable margins, stronger logistics density, and diversified revenue streams spanning grocery delivery, advertising, fintech, and quick commerce.
That shift has made geographic scale increasingly important.
For Uber, acquiring Delivery Hero would dramatically expand Uber Eats’ presence across Europe, the Middle East, Asia, and Latin America. Delivery Hero controls several powerful regional brands, including Talabat in the Gulf region, which analysts view as one of the company’s crown jewels because of its dominant market position and strong profitability profile. The acquisition would also strengthen Uber’s ability to compete with DoorDash globally rather than primarily in the United States.
DoorDash has increasingly looked abroad for growth as the American delivery market matures and competition pressures margins.
The deal discussions also come during a turbulent period inside Delivery Hero itself. The company has faced mounting pressure from activist investors demanding stronger profitability and operational discipline after years of aggressive acquisitions and expansion. Chief Executive Niklas Östberg recently agreed to step down following pressure from shareholders seeking strategic changes, including possible asset sales.
That internal uncertainty may have increased speculation that Delivery Hero could eventually entertain a full sale at the right valuation.
Still, regulatory hurdles remain substantial.
Under German takeover law, ownership above 30% would typically trigger a mandatory public tender offer, meaning Uber would face heightened scrutiny if it continues increasing its stake. Competition regulators across Europe and other markets are also likely to closely examine any deal involving two major delivery operators.
Food delivery consolidation has already drawn increasing attention from antitrust authorities concerned about market concentration, pricing power, and the treatment of gig-economy workers.
Yet investors appear convinced that scale will determine the sector’s long-term winners.
The delivery industry is evolving beyond restaurant orders into a broader logistics and commerce infrastructure business. Companies are competing not only on delivery speed and restaurant partnerships, but also on warehousing, grocery distribution, payments, and customer data ecosystems.
That transformation is driving strategic urgency among global players seeking dominance before the sector matures further.
Uber’s willingness to rapidly build a near-20% position in Delivery Hero is seen as an indication that the company sees the German group as too strategically important to leave vulnerable to rivals. The possibility that DoorDash could also pursue assets linked to Delivery Hero, particularly Talabat, may further pressure Uber to act aggressively.