Delivery Hero SE surged above a US$11.6 billion takeover bid by Uber Technologies Inc. on bets that a higher price will be required. Read on

"The Company remains fully focused on executing its strategic review process."

Delivery Hero received takeover offer from Uber for €33 per share, representing 1.76% discount. Uber's stake build preceded the formal offer.

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…