Shareholders Hold Out for 40 Euros as Delivery Hero’s Bidding War Intensifies

Uber raises bid to €38 per share, but shareholders hold out for €40 amid DoorDash interest in Middle East assets and strong Q1 results.

Delivery Hero’s stock has vaulted to a fresh 52-week high of €38.70, as a deepening tug-of-war between Uber and DoorDash pushes the Berlin-based food delivery group deeper into play. The latest surge came after Uber raised its indicative offer to €38 per share — only to be rebuffed by major investors who are now holding out for at least €40.

Institutional shareholders including Prosus, which owns 16.8% of the equity, and hedge fund Aspex Management have made clear they consider any price below €40 as inadequate. That threshold would value the company at roughly €13 billion. With Uber already holding nearly 20% of Delivery Hero’s shares, the pressure is mounting on the ride-hailing giant to come back with a higher bid — or risk being outflanked by its US rival.

DoorDash has signaled interest in the group’s profitable Middle Eastern operations, namely Talabat, HungerStation and Yemeksepeti. A competing offer or a break-up scenario would strengthen the sellers’ hand considerably. Analysts at BTIG estimate full integration into Uber could yield around $500 million in cost synergies, though antitrust hurdles spanning as many as 22 markets would need to be cleared.

The optimism around a potential deal has been reinforced by solid underlying numbers. Delivery Hero’s gross merchandise volume rose 8.8% on a currency-adjusted basis to €12.5 billion in the first quarter, with its quick-commerce segment surging 30% and now accounting for 18% of total volume. Segment revenue climbed 17.8% to €3.7 billion. Management reiterated full-year guidance, targeting adjusted EBITDA in the upper half of the €910 million to €960 million range, with free cash flow expected to exceed €200 million in 2026.

The bidding battle has also prompted a flurry of updated analyst assessments. UBS lifted its price target from €32 to €45, maintaining a “Buy” rating, arguing that the removal of the conglomerate discount in the sum-of-the-parts valuation now reflects the true worth of the individual businesses. Jefferies stands at €42.50 with a buy, backing the shareholder demands. On the cautious side, LBBW cut its target to €33 with a “Hold”, and MWB Research also pegs fair value at €33. The wide dispersion underscores the uncertainty surrounding both the final offer price and the strategic direction.

Adding to the complexity, founder and CEO Niklas Östberg announced in mid-May that he plans to leave the company in spring 2027. The search for a successor is underway, and the leadership vacuum at a moment of intense M&A activity increases the group’s strategic vulnerability.

Meanwhile, the board is pressing ahead with a portfolio review that already includes the agreed sale of the Taiwan business for around $600 million. Further divestments could follow. In June, management is set to unveil details of its longer-term strategy, which will signal whether Delivery Hero is inclined to accept a takeover or pursue its own path to value creation. Until then, the stock remains a high-stakes wager on the outcome of the auction — and on whether Uber and DoorDash will keep raising the stakes.