Key facts
- Delivery Hero's board has approved Uber's $15 billion takeover offer.
- The board recommended shareholders approve the deal, citing benefits for the company, shareholders, employees, and stakeholders.
- The offer price was deemed "fair and adequate" and could accelerate product innovation.
- The acquisition would double Uber's global footprint and position it to compete with DoorDash and Just Eat Takeaway.
- Uber set a minimum acceptance threshold of 50% plus one share.
- Prosus will sell its 17% stake in Delivery Hero as part of the deal.
Delivery Hero's board has officially endorsed Uber's $15 billion offer to acquire the company, signaling a significant consolidation within the global food delivery sector. The supervisory and management boards concluded that the deal is in the best interest of all stakeholders and that the proposed price is fair and adequate, with the potential to boost product innovation.
If approved by shareholders, the acquisition would substantially expand Uber's international presence, making its delivery platform one of the largest worldwide outside of China. This move is expected to intensify competition with rivals such as DoorDash and Just Eat Takeaway. Uber, already a significant shareholder in Delivery Hero, has stipulated a minimum acceptance rate of 50% plus one share for the deal to proceed.
Further bolstering the transaction, Prosus, another key shareholder, has committed to selling its 17% stake in Delivery Hero. This development follows Delivery Hero's earlier agreement to divest its operations in 14 markets, where Uber Eats already operates, to SSW Partners for $1.6 billion.