Delivery Hero Receives Takeover Offer from Uber Valuing Shares at €33
Uber's Takeover Bid and Delivery Hero's Strategic Review
Details of the Takeover Offer
May 23 (Reuters) - German food delivery service Delivery Hero confirmed it had received a takeover offer from rival Uber valuing the company at 33 euros ($38.29) per share, it said in a statement on Saturday.
Share Price and Market Reaction
The offer represents a discount of about 1.76% from Delivery Hero's last close on Friday, according to LSEG data.
Uber's Growing Stake in Delivery Hero
Delivery Hero said last week its U.S. rival had increased its holding to about 19.5% of issued capital from roughly 7%, becoming its largest shareholder. The stake is worth around 1.7 billion euros, according to Reuters calculations.
Leadership Changes and Strategic Review
CEO Departure
The German group's CEO Niklas Oestberg said last week he would step down, following campaigns by several large shareholders for a strategic review.
Focus on Strategic Review Process
The company reiterated that it was fully focused on executing its strategic review process, without disclosing additional details on Uber's offer.
Market and Industry Response
Bloomberg Report and Uber Share Price
Bloomberg reported on Friday that Uber was exploring a full takeover of Delivery Hero, after which Uber shares fell 1.6%.
Currency Conversion
($1 = 0.8619 euros)
Reporting Credits
(Reporting by Anusha Shah in BengaluruEditing by Tomasz Janowski)
