Delivery Hero has confirmed a non-binding takeover interest from Uber. A concrete offer was also announced.
The rumors about a possible takeover of Delivery Hero by the US group Uber have now been given an official basis. The MDAX-listed Berlin food delivery service confirmed that Uber Technologies has approached the company with a possible public takeover offer. With this, Delivery Hero responded to previous media reports about a possible interest from the US company.
Details of the indicative takeover offer
According to Delivery Hero, the contact includes a non-binding indicative offer of 33 euros per share. The possible public takeover offer would be aimed at all shareholders of the company. It is noteworthy that the offer is below the XETRA closing price on Friday: the Delivery Hero share recently ended trading at 33.59 euros with an increase of almost 70 percent within two weeks. After trading, the price on the Tradegate trading platform temporarily even rose to 35.50 euros. The company’s market capitalization now amounts to just over ten billion euros.
The situation is given additional momentum by Uber’s existing investment in Delivery Hero. Just a few days ago, the US group announced that it now holds 19.5 percent of the issued capital. In addition, there is a further 5.6 percent in the form of options, which means that Uber already has access to more than a quarter of the voting rights.
Strategic direction remains unchanged
Despite the concrete interest from the USA, Delivery Hero is initially sticking to its previous strategic direction. In the course of the mandatory notification, the company emphasized that it would continue the ongoing strategic review process. Further information or possible next steps will be published as soon as this appears necessary for regulatory purposes.
Delivery Hero is still based in Berlin, but is no longer operationally active in this country following the sale of its German business to Just Eat Takeaway. Internationally, however, the group continues to be one of the largest food delivery services in the world due to its strong presence in Asia, Southern Europe, the Arabian Peninsula and Africa. Uber is also active globally in the delivery business with Uber Eats and competes directly with Delivery Hero in numerous markets.
The shareholder structure also remains in the focus of investors in connection with a possible deal. The investment company Prosus currently continues to hold around 16.8 percent of Delivery Hero after committing to reduce its stake as part of the takeover of Just Eat Takeaway. According to Bloomberg, Uber is said to have recently held talks with other major shareholders. According to media reports, the US bank Morgan Stanley supported Uber in quickly expanding its stake through derivatives transactions.
Claudia Stephan, editorial team at finanzen.net with material from dpa-AFX
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