Delivery Hero boards back Uber's nearly $15 billion takeover

Both boards at Delivery Hero have told shareholders to take Uber's offer. In a joint reasoned statement published on September 2, the German food-delivery company's Management Board and Supervisory Board said Uber's cash bid of EUR 41.50 per share is fair and adequate and recommended that holders accept. US wires put the whole deal at nearly $15 billion, about $14.8 billion.

The statement is a board recommendation, not antitrust clearance and not a closed acquisition. The binding version is in German; the English text is a non-binding translation.

Uber's EUR 41.50 is roughly 127 percent above Delivery Hero's unaffected three-month volume-weighted average through May 8, 2026, about 108 percent above that day's XETRA close, and around 52 percent above the average analyst price target before that date. J.P. Morgan gave a fairness opinion to both boards, and UniCredit advised the Supervisory Board. In the boards' own words, they "deem the Offer to be in the best interest of the Company, its shareholders, employees and other stakeholders."

Uber already owns 24.77 percent of Delivery Hero, holds another 11.74 percent through financial instruments, and has an irrevocable undertaking to tender 16.68 percent more. Stack those and Uber's economic interest already tops 53 percent of current share capital. Because the offer's minimum acceptance threshold is 50 percent plus one share (excluding treasury stock), that floor is effectively covered on paper before the acceptance window closes on November 5, 2026 at 24:00 CET.

The offer document went out on August 27. Completion still hangs on merger-control and other regulatory approvals, including clearances tied to a planned sale of select Delivery Hero operations to an affiliate of SSW Partners, LP. The company guides completion to the second half of 2027, not this quarter. A signed board recommendation and a covered threshold shorten the odds; they do not close the deal. The bid sits in a heavy 2026 consolidation run alongside the completed $34.5 billion Charter and Cox merger.