Uber raises stake in Delivery Hero ahead of fresh bid, sources say
Uber's Increased Stake and Takeover Bid for Delivery Hero
LONDON/FRANKFURT, May 28 (Reuters) - Uber has raised its stake in Germany's Delivery Hero to nearly 37% from 25% after buying a stake from fellow shareholder Aspex Management, according to regulatory filings and two people close to the matter.
Details of the Stake Acquisition
The deal with Aspex comes as Uber is working on a new bid to take over the German food delivery company following an indicative €33-per-share ($38.29) proposal on Saturday, two separate sources said on Thursday, speaking on condition of anonymity because the talks are private.
Company Responses
Delivery Hero declined to comment.
Uber did not immediately respond to a request for comment.
Market Reaction
Shares in Delivery Hero fell 3.6% to €37.93 per share by 0751 GMT.
Regulatory Filings and Shareholder Changes
Uber now holds a total of 36.83% in Delivery Hero - 24.99% in common shares and the rest linked to derivative instruments - compared with 25.1% previously, the filings in Germany published late on Wednesday show.
Changes in Aspex Management’s Stake
A separate regulatory filing showed Aspex has almost halved its stake to 7.56% from 14.55%, while the remaining stake will be transferred at a later date.
Background and Strategic Developments
Delivery Hero confirmed on Saturday it had received an indicative proposal from Uber valuing the company at €33 per share. The German group's CEO Niklas Oestberg said last week he would step down, following campaigns by several large shareholders for a strategic review.
Uber's Board Actions
The FT had reported that Uber's board met on Saturday to discuss raising its offer after its initial approach was rebuffed.
Reporting Credits
(Reporting by Amy-Jo Crowley and Christoph Steitz; Additional reporting by Echo Wang and Samuel Indyk; Editing by Kirsten Donovan, Anousha Sakoui and Emelia Sithole-Matarise)
