Delivery Hero Board Supports Uber's $14.8 Billion Takeover Offer
The board of German food delivery giant Delivery Hero has endorsed a $14.8 billion takeover bid from Uber Technologies, urging shareholders to accept the offer. The decision follows an independent review by both management and supervisory boards, who believe it is in the best interest of stakeholders. They also highlighted potential benefits such as accelerated product innovation and new opportunities for employees and customers. Uber had previously built up its stake in Delivery Hero from 7% to nearly 20%, becoming the company's largest shareholder before submitting a formal bid. The current offer, at €38 per share, follows an earlier rejected proposal of €33 per share. This acquisition would merge two major global food delivery platforms and continue industry consolidation trends seen with deals like DoorDash’s purchase of Deliveroo. Regulatory conditions from European authorities will require Prosus to divest its remaining Delivery Hero shares as part of the deal, aligning with prior merger requirements.
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Topics: acquisition Delivery Hero takeover Uber