Delivery Hero’s Founder Exit and Uber’s Creeping Stake Reshape the Takeover Calculus

Delivery Hero's founder steps down as Uber's stake reaches 24.99%, stock surges above rejected €33 offer; analysts caution rally may be overdone with JPMorgan target at €28.

Delivery Hero investors are navigating an increasingly complex landscape as the company’s founder and long-standing chief executive prepares to step down just as Uber tightens its grip on the shareholder register. The stock, which has more than doubled in the past month, now trades above the indicative bid levels that first sparked the buyout frenzy, leaving the market to weigh whether the rally has run ahead of reality.

Niklas Östberg, who co-founded the Berlin-based food delivery company and led it for 15 years, announced his departure on 12 May 2026 and will formally leave the top job in March 2027. The supervisory board has already begun a search for his successor. In a parallel governance shift, Roger Rabalais was appointed to the board by court order effective 30 April 2026, replacing Warren Jenson, and will stand for election at the annual general meeting scheduled for 23 June in Berlin. The leadership vacuum adds a layer of uncertainty just as the shareholder structure is being redrawn.

Uber has rapidly expanded its footprint in Delivery Hero. The US ride-hailing giant now holds 24.99% of the voting rights directly, up from 19.5% previously. When derivatives and options are included, Uber’s total sway over voting power reaches 36.83%. That is still short of the 30% direct ownership threshold that would trigger a mandatory offer under German law for all outstanding shares—and Uber has stated it does not intend to cross that line in the near term. Nevertheless, the position gives the company considerable strategic influence without the obligation of a full bid.

The stake buildup follows a rejected initial approach. Delivery Hero confirmed last week that Uber had made an indicative offer of €33 per share, which the board turned down. Subsequent reports suggested talks with major shareholders had floated prices as high as €38. Some large investors are reportedly holding out for at least €40. The market has already priced in a higher outcome: on Friday, the stock closed at €37.38, down 3.83% on the day, but that retreat came after a stunning 94.79% surge over the prior 30 days. Since the start of the year, the shares have gained more than 70%.

The valuation disconnect is stark when measured against sell-side targets. JPMorgan maintains an “Overweight” rating but with a price objective of just €28—well below where the stock currently trades. Citigroup analyst Monique Pollard argues that without a higher hard offer on the table, the upside is limited near term. Jefferies, however, sees the potential full acquisition as positive for Uber, noting that Delivery Hero would open access to 46 additional markets.

Beyond the bid speculation, Delivery Hero continues to execute on asset sales. It is selling its Taiwan business to Uber for roughly $950 million, and the company has also announced a capital increase. These moves, combined with the takeover narrative, drove the stock to nearly double from mid-May.

Regulatory hurdles remain a wild card. Uber and Delivery Hero operate directly in as many as 22 overlapping countries, meaning any comprehensive merger would face extensive antitrust reviews and could require forced divestitures in certain markets. Meanwhile, Hong Kong-based Aspex Management has reduced its stake from 14.55% to 7.56%, a shift that occurred on Whit Monday and was only recently confirmed.

All eyes are now on the June annual meeting, where the board changes will be formalized and the market will look for any fresh signals from Uber. Without a new catalyst—either a higher bid or a clearer regulatory path—the stock may need time to consolidate its recent explosive gains.