Delivery Hero Investors Push Back as Uber's 25% Stake Fails to Bridge the Valuation Divide
30.05.2026 - 06:06:06 | boerse-global.de
The gap between what Uber is offering and what Delivery Hero’s shareholders believe the company is worth widened sharply on Friday, sending the stock sliding even as the US ride-hailing giant tightened its grip on the Berlin-based food delivery group. Shares tumbled 6.1% to €36.50, a stark reminder that market expectations have already outpaced Uber’s indicative bid of €33 per share.
Uber now controls a quarter of Delivery Hero’s voting rights, and additional financial instruments push its total economic exposure to around 37% — within striking distance of the threshold for a mandatory takeover offer. Yet the market is betting on a higher price. The stock’s recent rally — up 90% over the past month and more than 140% since March — reflects speculation that DoorDash will mount a competing bid, particularly for the profitable Middle Eastern assets.
Shareholders are making their demands clear. Prosus, which holds 16.8% of Delivery Hero, is insisting on at least €40 per share. Hedge fund Aspex Management, which has built a 15% stake after buying a block from Prosus at a premium, is also pushing for a price above €40. The hard line signals that Uber’s current offer, which values the entire company at around €10 billion, will not fly without a substantial increase.
Should investors sell immediately? Or is it worth buying Delivery Hero?
Friday’s decline came as some investors took profits after the dizzying run-up. Technical indicators now point to an oversold condition — the relative strength index stands at 23 — but with annualized 30-day volatility at 73%, the stock remains hostage to headlines. A breakup scenario is gaining traction in market circles: Uber could take Delivery Hero’s core European and Latin American operations, while DoorDash snaps up Talabat and HungerStation in the Middle East. The Talabat stake alone could be worth up to €9 billion, against Delivery Hero’s current market cap of roughly €11.5 billion.
Analyst opinions diverge sharply. Jefferies, with a €42.50 target, sees multiple outcomes from the strategic review and views a bidding war as the most probable. UBS is more bullish at €45. Barclays rates the stock overweight with a €39.10 target. JPMorgan, however, warns of regulatory risks in the European Union and sticks at €28. The wide range underscores the uncertainty.
Adding to the pressure, co-founder and CEO Niklas Östberg has resigned, with a transition period running until March 2027. His departure weakens management’s ability to fend off a hostile approach and makes a near-term transaction more likely. All eyes now turn to the annual general meeting on June 26 in Berlin, where the board will have to update shareholders on the state of play. Until concrete bids replace rumours, the stock is set to remain volatile — and the €36.50 level might prove just a waypoint.
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