Delivery Hero shares rise 10% as rival Uber mulls another takeover bid
Delivery Hero's shares increased by over 10% following reports of a potential improved takeover bid from Uber. The German food delivery firm confirmed receiving an offer of €33 per share, valuing it at over €10 billion. Uber has become Delivery Hero's largest shareholder, increasing its stake to approximately 19.5%.
- ▪Delivery Hero's shares rose over 10% after news of a potential Uber takeover bid.
- ▪Uber's initial offer of €33 per share was confirmed by Delivery Hero.
- ▪Uber has increased its stake in Delivery Hero to about 19.5%, making it the largest shareholder.
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Shares in Delivery Hero rose over 10% on Monday morning following a Financial Times report that U.S. rival Uber weighed an improved bid for the German food delivery firm. Delivery Hero confirmed in a statement on Saturday that it had received a takeover offer from Uber of €33 ($38.29) per share, which would value the company's market capitalization at over €10bn. The German company added it "remains fully focused on executing its strategic review process and further updates will be provided as required or appropriate".Delivery Hero shares opened 10.5% higher.On Sunday, the FT reported that Uber's board had convened on Saturday to discuss an improved bid for its Berlin-based counterpart, after a €38 per share offer was reportedly rejected by one of Delivery Hero's major shareholders.
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