Uber launches $14.8 billion takeover bid for Delivery Hero

Uber has announced a takeover bid for German company Delivery Hero, valuing the firm at $14.8 billion or €12.7 billion. The offer price of €41.50 per share represents a 34 percent premium over the three-month volume-weighted average. Uber, already the largest shareholder with approximately 25 percent stake plus financial instruments, has made the deal conditional on acquiring at least 50 percent plus one share. The acquisition is supported by the management and supervisory boards of Delivery Hero, with the Dutch group Prosus agreeing to sell its 17 percent stake. If completed, the merger will create a global platform spanning 99 countries with a projected pro-forma gross merchandise value of $236 billion by 2025. The companies expect to close the transaction in the second half of next year, though it faces a complex regulatory approval process. The move is designed to strengthen Uber's global food-delivery business against competitors such as DoorDash and Just Eat.