Brussels Eases the Pressure on Delivery Hero’s Biggest Investor – and the Stock Hits New Highs

EU extends Prosus deadline; Uber's €10bn bid and DoorDash interest fuel Delivery Hero stock surge 86% to €38.73, nearing €40 floor.

The European Commission has thrown a curveball into the high-stakes takeover drama surrounding Delivery Hero by granting Prosus, the Berlin company’s largest shareholder, extra time to unwind its position. What had been a rigid 12-month deadline to meet anti-trust requirements tied to Naspers’ purchase of Just Eat Takeaway has now softened, giving Prosus breathing room at a critical juncture. With Uber already circling with a €10bn indicative bid, the regulatory reprieve shifts the balance of power at the negotiating table and has lit a fire under the stock.

Prosus originally faced a hard sell-off timeline after agreeing to slash its stake from just over 27% as part of the merger clearance. The EU’s extension, confirmed by Reuters, does not cancel the commitment but removes the gun-to-the-head element. That newfound flexibility comes as Uber has been steadily consolidating its own position. The US ride-hailing giant now controls nearly 37% of Delivery Hero’s equity, having snapped up the Aspex Management holding in late May. Crucially, only about 25% carries direct voting rights, allowing Uber to sidestep the mandatory offer threshold while keeping its options open. Adding to the intrigue, DoorDash is also reported to have expressed interest, particularly in Delivery Hero’s Middle Eastern operations, hinting at a possible bidding war.

The stock has mirrored this corporate chess game in spectacular fashion. After plumbing a 52-week low of €14.61 in March, the shares have nearly tripled, surging 86% over the past 30 days alone to trade at €38.73. That puts them within 3% of the 52-week high and tantalisingly close to the €40 price floor that major shareholders – including Prosus and Aspex – are said to be demanding. The relative strength index has climbed above 77, flashing overbought signals, but the market is clearly pricing in either a higher bid from Uber or the entry of additional strategic investors. Uber’s initial non-binding offer of €33 per share was rejected as too low, and the gap between that figure and the current market price suggests investors expect the next offer to land closer to €40.

Away from the M&A theatre, Delivery Hero’s underlying business provides a solid anchor. First-quarter 2026 revenue rose nearly 18% year on year to €3.7bn, propelled by the quick-commerce segment, which now accounts for almost one-fifth of total gross merchandise value and grew 30% in the period. Management has reaffirmed full-year guidance and is targeting the upper half of its adjusted operating profit forecast. That operational momentum is helping to justify the elevated valuation even as the strategic review continues.

For now, the ball remains in Delivery Hero’s court. The company is pressing ahead with its formal strategic review, and no official statement on a revised Uber offer or a change in shareholder structure has been made. But with the EU’s decision giving Prosus room to manoeuvre, and the share price already flirting with the €40 demand, the stage is set for the next act – whether that means a sweetened Uber bid, a DoorDash counter, or a different outcome altogether.