Uber Officially Launches Cash Tender Offer for Delivery Hero

Uber Technologies announced Thursday that, following approval from Germany's Federal Financial Supervisory Authority, it has officially launched its tender offer for Delivery Hero SE.

Uber's indirect subsidiary published the offer document on Thursday. Delivery Hero shareholders can now tender their shares at a cash price of €41.50 per share.

Offer Implies Significant Premium to Delivery Hero Valuation

The offer price represents a premium of approximately 108% over Delivery Hero's unaffected closing price on May 8. It also reflects a 127% premium over the stock's three-month Xetra volume-weighted average price as of that date.

The acceptance period runs until midnight Frankfurt time on November 5, which is 6:00 p.m. New York time. Delivery Hero's management board and supervisory board are expected to support the offer in a joint statement.

Deal to Expand Uber's Global Footprint

Uber announced its acquisition plans on July 16. The combined company will operate in 99 markets, with pro forma total bookings of $236 billion for 2025.

The transaction will also increase the number of markets where both Uber Mobility and Uber Delivery are offered from 34 to 58.

Uber already holds approximately 24.77% of Delivery Hero's voting shares. It also has derivative exposure equivalent to approximately 11.74% of the company's shares. Additionally, Prosus has agreed to tender its 16.68% stake. Combined, these positions give Uber an economic interest of approximately 53%.

The offer is subject to acceptance by shareholders representing at least 50% plus one share. It also remains subject to antitrust and other regulatory approvals.

Closing and cash payment are expected in the second half of 2027.

Uber Stock Movement

Uber stock movement: In premarket trading Thursday, Uber Technologies shares were down 0.45% at $78.13.