Delivery Hero Opens Extra Tender Window as JPMorgan Crosses Disclosure Threshold

Delivery Hero shareholders who have not yet tendered their stock now have until 24 November to accept Uber's offer of EUR 41.50 per share. The supplementary acceptance period opened on Wednesday, immediately after the regular deadline for the takeover bid expired, giving holdouts a second chance to sell into the deal on identical terms.

The extension runs alongside a separate disclosure development: JPMorgan Chase & Co. reported a combined stake in Delivery Hero of 4.62% on Thursday, reflecting a threshold crossing dated 4 November. Voting rights account for 3.08% of that total, with instruments making up the remaining 1.53%.

Uber, for its part, disclosed on Tuesday that it holds 66.56% of Delivery Hero following the close of the initial acceptance period. Completion of the transaction still hinges on merger-control clearance and further regulatory approvals, with Uber guiding toward a close in the second half of 2027.

Should investors sell immediately? Or is it worth buying Delivery Hero?

Bond Terms Adjusted After Acceptance Trigger

The tender has also rippled through Delivery Hero's debt stack. The company informed holders of four convertible bonds — spanning maturities from 2027 to 2030 — that conversion prices would be revised, citing an acceptance event tied to the Uber offer.

For the EUR 875 million tranche due 2027, the conversion price was cut to EUR 96.8785 from EUR 98.00. Delivery Hero notified bondholders of the adjusted terms on Wednesday.

The extra acceptance window applies the same EUR 41.50 per-share price to every validly tendered Delivery Hero share, though final settlement remains subject to the regulatory conditions already outlined.

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