Uber's $11.6B Bid for Delivery Hero Sends Shares Up 10%

Uber proposed €33 per share for Delivery Hero, valuing the German food delivery giant at $11.6 billion. The bid was made public on a Friday, causing Delivery Hero shares to rise 10%. Delivery Hero stated it remains focused on its ongoing strategic review, which includes potential asset sales. The offer represents a premium over Delivery Hero's recent stock price. Uber's move signals its ambition to expand in the food delivery market, where it already operates Uber Eats. The deal would face regulatory scrutiny in Europe and other regions. Delivery Hero operates in over 70 countries, including markets where Uber has a limited presence.