Summary:Delivery Hero Confirms 33 Euro Takeover Bid Uber Speculation of Delivery Hero Takeover Uber Builds Large Stake in Delivery Hero Delivery Hero Confirms Takeover Bid Delivery Hero has confirmed that Uber has proposed buying the German food delivery company for 33 euros per share, in line with earlier takeover reports.Following today’s press publication, Delivery Hero SE confirms that Uber Technologies, Inc. reached out with an indicative proposal of €33 per share in respect of a potential takeover offer to all shareholders of the Company.Delivery Hero continued:The Company remains fully focused on executing its strategic review process. Further updates will be provided as required or appropriate.Recall earlier reports that said Uber built a 19.5% stake in Delivery Hero, plus 5.6% option exposure, as it explored takeover opportunities.Our previous note outlined that Uber’s move to acquire Delivery Hero was likely aimed at expanding its international footprint.Uber Builds Large Stake In Germany's Delivery Hero As Takeover Speculation BuildsUber is exploring a potential takeover of Delivery Hero after building a large stake in the rival German food delivery company, Bloomberg News reports. This follows an earlier report that Uber had built a 19.5% stake.On Monday, Uber disclosed that it owns 19.5% of Delivery Hero, plus an additional 5.6% through options. The position was built with the help of Morgan Stanley traders, according to people familiar with the matter.Uber's move to acquire Delivery Hero could be an attempt to expand Uber Eats' global footprint and improve its competitive position against DoorDash outside the US.Delivery Hero operates in more than 60 countries, giving Uber exposure to markets where it is either underscaled or trailing its competitors.Map of Operatoins of Delivery Hero Brands"While Uber's ultimate intentions on further stake-building remain unclear, we view the move as a clear endorsement of the strategic attractiveness of Delivery Hero's asset base for Uber," JPMorgan analysts wrote in a note.Earlier, Uber said it "currently" has no intention of increasing its stake in Delivery Hero beyond 30%.Delivery Hero shares in Frankfurt are up nearly 50% this year and have more than doubled from their March lows of around 15 euros. Uber shares were marginally lower in early afternoon trading.Berenberg analyst Wolfgang Specht wrote in a note that Delivery Hero's investment case has changed following news of Uber's stake. He said it now seems prudent to assign value to scenarios that include a potential takeover.