Delivery Hero's supervisory and management boards have signed off on Uber's $15 billion takeover offer, recommending that shareholders approve the deal. The boards stated that the offer is in the best interests of the company, its shareholders, employees, and other stakeholders, deeming the price "fair and adequate" and noting its potential to "accelerate product innovation."
If approved, the acquisition would double Uber's global footprint and establish its delivery platform as one of the largest worldwide outside of China. This could also enhance Uber's competitive position against rivals such as DoorDash and Just Eat Takeaway.
Uber, already the largest shareholder in Delivery Hero, has set a minimum acceptance threshold of 50% plus one share of Delivery Hero's outstanding share capital. Major shareholder Prosus has also agreed to sell its 17% stake. This move follows Delivery Hero's prior agreement to sell its businesses in 14 markets where Uber Eats operates to SSW Partners for $1.6 billion.
This proposed tie-up is the latest in a series of consolidations within the on-demand delivery industry. Over the past 18 months, Uber acquired Turkey-based Getir for $335 million, Grab announced plans to buy Delivery Hero's Foodpanda business in Taiwan for $600 million, and DoorDash agreed to pay $3.87 billion for the UK's Deliveroo.