Uber stock fell following news it is weighing a takeover of European food delivery business Delivery Hero for $11.6 billion.

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…