Delivery Hero board approves Uber's $15 billion takeover bid
Delivery Hero's boards have endorsed Uber's offer and recommended shareholder approval, with major shareholder Prosus also agreeing to sell its 17% stake.
What happened
Delivery Hero's supervisory and management boards approved Uber's $15 billion takeover offer and recommended shareholders vote to accept it. The boards determined the offer price was "fair and adequate" and held potential to accelerate product innovation. Uber, already the largest shareholder in Delivery Hero, set a minimum acceptance threshold of 50% plus one share. Major shareholder Prosus agreed to sell its 17% stake as part of the deal. Delivery Hero had previously agreed to sell operations in 14 markets overlapping with Uber Eats to SSW Partners for $1.6 billion.
Context
The acquisition would double Uber's global delivery footprint and create one of the world's largest on-demand food delivery platforms outside China, positioning Uber to better compete with DoorDash and Just Eat Takeaway. The deal represents the latest consolidation in the on-demand delivery sector, following Uber's $335 million acquisition of Turkey's Getir, Grab's $600 million purchase of Foodpanda in Taiwan, and DoorDash's $3.87 billion acquisition of U.K.-based Deliveroo over the past 18 months.