UBER TECHNOLOGIES INC is considering a higher bid for DELIVERY HERO SE after a major shareholder rejected an offer valuing the company at over 11.5 billion euros.
The initial 33 euros per share proposal represented a 15.3% premium over the closing price on May 22. A successful acquisition would consolidate the European food delivery market as DOORDASH INC also explores a potential entry.
The board of Uber met on Saturday to review the takeover status, three people familiar with the matter told the Financial Times. CEO Dara Khosrowshahi traveled to Norway earlier this week to present the 33 euros per share offer to supervisory board chair Kristin Skogen Lund.
Uber recently approached a top shareholder in Germany with a 38 euros per share offer, according to the Financial Times. That shareholder rebuffed the proposal, and several others are reportedly seeking a price exceeding 40 euros per share.
DoorDash has made inquiries to shareholders but has not yet purchased any shares, per the Financial Times report. Delivery Hero confirmed the receipt of the 33 euros per share offer on Saturday.
Uber is now weighing whether to raise its bid again to meet shareholder demands. Neither UBER nor DELIVERY HERO SE responded to requests for comment on Monday morning.
Uber is now weighing whether to raise its bid again to meet shareholder demands. Neither UBER nor DELIVERY HERO SE responded to requests for comment on Monday morning.
Investors are monitoring whether Uber submits a revised bid above 40 euros per share before the 31st of May.
