Delivery Hero Shares Surge to 18-Month High as Uber Eyes Takeover, Prosus Seeks End to Forced Stake Sale

Delivery Hero shares surged as much as 12.7% on Monday to €37.85, their highest intraday level since November 2024, following reports that Uber (UBER) is considering a raised takeover bid after its initial €33-per-share offer was rebuffed.

At the intraday high, Delivery Hero was valued at approximately €11.5 billion ($13.4 billion). The German food delivery company's stock was set for an 11th consecutive session of gains, representing a jump of more than 80% over that period.

Uber's Bid and Shareholder Expectations

Delivery Hero confirmed on Saturday that Uber had reached out with an indicative proposal of €33 per share — essentially no premium to the company's recent share price. According to the Financial Times, Uber's board met on Saturday to discuss raising its offer after approaching one of Delivery Hero's top shareholders with a €38-per-share bid, which was also rebuffed. Several shareholders are reportedly seeking a price of more than €40 per share.

Uber is already Delivery Hero's largest shareholder, having increased its holding to 19.5% of issued capital from approximately 7% earlier this month.

The chart below shows Delivery Hero's share price performance from 2022 to 2026 (indexed to 100 in 2022):

The chart reflects a significant decline from 2022 levels, with the stock trading at approximately 20% of its 2022 value in 2026, which explains shareholder appetite for a premium takeover offer.

Antitrust Concerns

Brokerage Jefferies noted in a client note that there are "a myriad of antitrust issues to unravel," given Uber overlaps with Delivery Hero in 22 markets, nine of which are in Europe.

Prosus Seeks End to Forced Stake Sale

Separately, Prosus NV (PRX) has asked the European Union to drop a requirement that it sell shares in Delivery Hero, a condition attached to antitrust approval for its acquisition of Just Eat Takeaway.com. Prosus currently holds approximately 17% of Delivery Hero.

Last August, Prosus agreed to sell down its stake in Delivery Hero to a "very low percentage" within 12 months to allay European Commission concerns. Prosus also agreed not to exercise voting rights associated with its remaining shares or put forward board representatives. Prosus CEO Fabricio Bloisi has publicly criticised the requirement, calling it "a big mistake" that will harm future investment in Europe.

Prosus has so far sold 5% to activist shareholder Aspex Management and another 4.5% to Uber. Prosus does not want to be forced to sell its remaining stake as Uber negotiates a takeover, according to people familiar with the matter.

Current Shareholder Structure

Delivery Hero is now controlled by a handful of large investors:

- Uber: Nearly 20% stake with options to buy another 5.6%

- Prosus: Approximately 17%

- Aspex Management: More than 14%

Competing Interest

Uber's rival, DoorDash (DASH), is also weighing a bid for part of Delivery Hero, according to a person familiar with the matter.

Uber declined to comment. Delivery Hero declined to comment beyond Saturday's statement. A spokesperson for Prosus declined to comment. The European Commission did not immediately respond to a request for comment.

Market Sentiment: 

The sentiment is cautiously optimistic, driven by takeover speculation and the potential for a bidding war. Delivery Hero's 80% rally over 11 sessions reflects market confidence that a deal will materialise at a price above €38, likely in the €40+ range sought by major shareholders. The presence of multiple interested parties — Uber and DoorDash — increases the likelihood of a successful transaction at a premium. However, antitrust hurdles are significant, with Uber and Delivery Hero overlapping in 22 markets globally, including nine in Europe. Regulatory approval is far from guaranteed. For Prosus, the forced sale requirement from the EU represents an unwelcome constraint at a moment when Delivery Hero's valuation is rising. Prosus' request to drop the requirement is logical, as an ongoing takeover process changes the context of the original antitrust remedy. The EU's response will be critical. Delivery Hero's underlying business challenges remain — the stock is still 80% below its 2022 peak — but a takeover by Uber would provide an exit for long-suffering shareholders. The CEO's planned departure in March 2027 adds urgency. For Uber, acquiring Delivery Hero would consolidate its position in the European food delivery market, but at a price that must justify the regulatory risk. The next catalysts are any formal Uber bids above €38, DoorDash's potential competing offer, and the EU's stance on both the forced sale requirement and the merger itself. Investors are betting on a deal, but execution risk is substantial.

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** This article was prepared by BROKSTOCK analyst Maboko Seabi