Delivery Hero's Board Backs Uber's €13 Billion Takeover Offer as Prosus Locks In Majority

Delivery Hero's Board Backs Uber's €13 Billion Takeover Offer as Prosus Locks In Majority

Delivery Hero's Management Board and Supervisory Board published a joint reasoned statement on Wednesday, September 2, 2026, formally recommending that shareholders accept Uber's takeover offer, according to a regulatory filing distributed through EQS-News and reported by finanzwire. The boards called the offer "fair and adequate" after review by two independent financial advisors.

Uber is offering EUR 41.50 per share in cash through its subsidiary Uber International Technologies II Corporation, according to the official filing. This values Delivery Hero at approximately €13 billion, or roughly $14.8 billion, a figure confirmed separately by Dow Jones Newswires reporter Joshua Kirby writing for Morningstar.

The boards' statement lays out the premium math precisely: 41.50 euros represents an approximately 127% premium over the unaffected three-month volume-weighted average share price through May 8, 2026, a 108% premium over the closing price that day, and a 35% premium over the three-month average price just before Uber publicly announced its intent to make an offer on July 16, 2026. It also exceeds the average analyst price target from before May 8 by about 52%.

This wasn't Uber's opening number. Uber's initial approach in May 2026 came in at €33 per share, a level Delivery Hero shareholders rejected, pushing publicly for something above €40, according to reporting compiled by Crypto Briefing. Uber returned with €41.50, a jump of nearly 26% from its first bid.

Prosus Already Has Uber Past the Finish Line

Major Delivery Hero shareholder Prosus has committed to tendering its roughly 17% stake, according to Handelsblatt reporting cited by Trending Topics. Combined with Uber's own existing position, that puts total support behind the offer at approximately 53%, above the 50%-plus-one-share minimum acceptance threshold Delivery Hero's own filing lists as a closing condition.

That commitment effectively removes the possibility of a competing bidder mounting a serious challenge. The acceptance period for remaining shareholders runs until November 5, 2026, according to the company's disclosure.

Two investment banks signed off on the price. J.P. Morgan Securities plc, retained as Delivery Hero's exclusive financial advisor, delivered a fairness opinion to both boards, while UniCredit Bank GmbH provided a separate opinion to the Supervisory Board. Both concluded the offer price is fair from a financial standpoint, according to the company's statement.

Antitrust Cleanup Before the Vote Even Finishes

A combined Uber and Delivery Hero would overlap in 22 markets, according to Crypto Briefing. To clear that hurdle, Delivery Hero agreed to sell its operations in 14 of those markets to SSW Partners for approximately €1.4 billion, leaving the merged platform spanning 99 markets total.

Despite the divestiture, the deal still requires merger-control clearances in multiple jurisdictions, and Delivery Hero's own filing states completion isn't anticipated until the second half of 2027. Newsquawk, tracking the deal from a trading desk perspective, flagged that antitrust conditions have historically been the sticking point in food-delivery combinations, and that the spread between Delivery Hero's current share price and the €41.50 offer reflects the market pricing in exactly that regulatory uncertainty.

Uber's Broader Shakeup

The Delivery Hero deal isn't happening in isolation. Uber CEO Dara Khosrowshahi told staff the company is cutting about 3,300 positions, roughly 10% of its global workforce, according to the Financial Times as reported by Trending Topics. Management roles will fall by 20%, and remote work will be cut to about 1% of staff permanently.

In the U.S. delivery market Uber is losing ground. DoorDash now holds about 64% market share compared to Uber's 31%, according to YipitData figures cited by Trending Topics, even as Uber Eats gains share in the UK, France, and Germany. Uber has also pledged more than $10 billion toward robotaxi expansion into at least 15 cities this year, competing against Alphabet's Waymo and Tesla. Uber shares are down almost 9% year-to-date, partly attributed to that robotaxi competition, though the stock rose about 2% in pre-market trading after the layoff announcement.

Separately, Uber is contesting a fine of nearly €825 million, about $962 million, levied by the Dutch data protection authority Autoriteit Persoonsgegevens on August 21, 2026. The regulator found Uber used fully automated software, without human review, to deactivate drivers' accounts between 2018 and 2022 over suspected fraud or low customer ratings, violating the EU's GDPR ban on fully automated decision-making. Deputy chair Monique Verdier said drivers were "deactivated without pardon" and lost income with no human ever reviewing the decision.

Uber disputes the finding. In a written statement, the company said the regulator "examined historic policies that were discontinued years ago" and said it has since implemented human reviews and an appeals process for drivers who believe a mistake was made. Uber has filed a formal appeal against the fine, and that appeal remains unresolved.

Whether German and EU antitrust regulators sign off on the Delivery Hero divestiture package, and whether the wider merger clears before the projected second-half-2027 close, remains the open question determining if this becomes the largest food-delivery consolidation in European history.