Delivery Hero’s Balancing Act: Jefferies Sees Upside as Prosus Thwarts Uber’s Bid

The battle for Delivery Hero is turning into a multi-front chess match, with the Berlin-based meal-delivery group caught between an aggressive suitor, a resurgent major shareholder, and its own ambitious turnaround plan. While Uber’s indicative offer of €33 per share was quickly dismissed by management as too low, the stock has since climbed to €37.62, buoyed by fresh analyst support and a sudden realignment among the company’s biggest investors.

Jefferies has stepped into the fray with a buy rating and a price target of €42.50 — a roughly 15% premium to the current share price. Analyst Giles Thorne argues that Uber’s bid grossly undervalues the company, pointing to first-quarter trends that show a 8.8% increase in comparable gross merchandise volume, with its fast-growing quick-commerce segment — now 18% of the total — surging 30%. “The underlying business is generating momentum that the offer simply doesn’t reflect,” Thorne wrote.

Yet the most dramatic twist is playing out in the shareholder register. Prosus, the Dutch technology investor that was forced by EU regulators to slash its stake in Delivery Hero from roughly 27% to 16.8%, is now actively blocking Uber’s advances. According to the Financial Times, Prosus has approached other investors to discuss possible acquisition prices — a stunning reversal from just weeks ago, when it was under regulatory pressure to reduce its holdings.

The backstory adds a layer of irony. In April 2026, as part of the EU’s conditions for approving the Just Eat Takeaway merger in August 2025, Prosus sold 4.5% of Delivery Hero to Uber itself at €20 per share. A month later, it offloaded another 5% block to Aspex Management at €22. Those sales were seen as compliance with Brussels, which had flagged overlapping operations in five European countries. Now, having shed those stakes, Prosus appears intent on preventing Uber from gaining control at a price it considers too cheap.

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

Uber’s own position has become a regulatory tightrope. A voting rights disclosure dated May 27 shows the ride-hailing giant holds 24.99% of Delivery Hero’s voting rights through direct shares and another 11.84% via instruments — a combined 36.83%. Under German takeover law, a mandatory offer is triggered once a party crosses the 30% threshold outside of a voluntary bid. Uber’s direct-voting stake sits just under that line, but the derivative component puts the total in a gray zone that could complicate any hostile move.

The company’s management, led by outgoing co-founder Niklas Östberg, is already executing a strategic pivot. Delivery Hero has reaffirmed its 2026 targets: GMV growth of 8–10% on a currency-adjusted basis, segment revenue growth of 14–16%, adjusted EBITDA at the upper end of a €910–960 million range, and free cash flow above €200 million. The sale of its Taiwan business for $600 million — aimed at reducing net debt — is a concrete step in a broader focus on core markets.

All eyes now turn to early June, when Delivery Hero is expected to provide updates on its strategic review, including potential asset valuations. That could be the next catalyst for the stock, which has already rallied more than 64% year-to-date from its March low of €14.99 to nearly €40 in late May.

Delivery Hero at a turning point? This analysis reveals what investors need to know now.

Meanwhile, the shareholder power structure is shifting rapidly. Aspex Management, which bought into the stock only two months ago at €22, now holds 14.4% of Delivery Hero and will be the largest effective voting bloc at the annual general meeting scheduled for June 23. Prosus retains 16.8%, but its recent activist stance suggests it will not be a passive holder.

Uber’s initial offer of €33 valued Delivery Hero at roughly €10 billion — a price the market has already left behind. With the stock trading near €37.54, up around 3% from the previous Friday, and with major shareholders signaling they expect more, Uber faces a simple choice: raise its bid significantly or risk being outmaneuvered by a coalition of holders who see far greater value in the company’s turnaround story.

Ad

Delivery Hero Stock: New Analysis - 2 June

Fresh Delivery Hero information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

Read our updated Delivery Hero analysis...

en | DE000A2E4K43 | DELIVERY | boerse | 69467498 |