Delivery Hero, a Berlin-based food delivery company, said on May 23 it had received a takeover offer from Uber valuing it at 33 euros (US$38) per share. The offer was about 1.76% below Delivery Hero’s closing price.

It came after Uber raised its stake in Delivery Hero to about 19.5% of issued capital from about 7%, making Uber the company’s largest shareholder. Based on May 22’s closing price, that stake was worth about 1.7 billion euros (US$1.97 billion).

The approach came as Delivery Hero said it remained focused on its strategic review. It also followed CEO Niklas Oestberg’s announcement last week that he would step down after several large shareholders pushed for the review.

Any deal could face antitrust scrutiny because Uber and Delivery Hero have overlapping food delivery operations in some local markets. Under German takeover rules, a bidder that acquires 30% or more of voting rights must make a mandatory offer.

🔗 Source: Reuters

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