The May bid was €33 and landed below the close. Eight weeks later it is €41.50, with 14 markets carved out to a New York firm before anyone asks about competition.
Uber has agreed to buy Delivery Hero for €41.50 a share in cash, a 26% improvement on the offer it put on the table in May, and roughly the number Delivery Hero’s largest shareholders said they wanted all along.
The two companies signed a business combination agreement on Thursday. The price values Delivery Hero at $14.8bn on a 100% basis, or $13.7bn adjusted for the stake Uber had already accumulated, and would create a platform spanning 99 markets with combined pro-forma gross bookings of $236bn in 2025.
Delivery Hero’s management and supervisory boards have unanimously backed the offer and intend to recommend that shareholders tender.
Prosus, the largest holder, has irrevocably committed its shares, which alone takes Uber’s total economic interest to around 53%.
