Business & Finance
Delivery Hero board endorses Uber's $15 billion takeover offer
The company's leadership recommended shareholder approval for a deal that would significantly expand Uber's international delivery network.
The short version
- Delivery Hero's management and supervisory boards have formally supported a $15 billion takeover bid from Uber and advised shareholders to accept it.
- The acquisition requires a minimum acceptance threshold of 50% plus one share to succeed, with major shareholder Prosus agreeing to tender its 17% stake.
- If finalized, the merger would double Uber's global footprint, intensifying competition with rivals like DoorDash and Just Eat Takeaway.
- The completion of the transaction remains subject to meeting the shareholder acceptance threshold.
Key facts
- Delivery Hero's supervisory and management boards endorsed Uber's $15 billion takeover proposal, calling the price fair and adequate.[TechCrunch]
- Uber established a minimum acceptance condition requiring more than 50% of Delivery Hero's outstanding share capital.[TechCrunch]
- Major shareholder Prosus agreed to sell its 17% stake in Delivery Hero as part of the transaction.[TechCrunch]
- Delivery Hero previously arranged the sale of operations across 14 markets to SSW Partners for $1.6 billion where Uber Eats operates.[TechCrunch]
What remains uncertain
- Whether enough remaining shareholders will tender their shares to fulfill the 50% plus one share minimum acceptance condition remains to be determined.[TechCrunch]