Delivery Hero Board Backs Uber's $15B Takeover Bid
The boards said the price was fair and adequate, and the tie-up could accelerate product innovation and expand Uber’s delivery reach.
- On Wednesday, Delivery Hero's board signed off on Uber's $15 billion takeover offer and recommended shareholders approve the deal, which would create one of the world's largest on-demand food delivery platforms.
- Recent industry consolidation trends include Uber's $335 million acquisition of Turkey-based Getir, Grab's $600 million purchase of Foodpanda in Taiwan, and DoorDash's $3.87 billion deal for Deliveroo over the past 18 months.
- The boards deemed the price "fair and adequate" and said the deal had the potential to "accelerate product innovation." Uber set a 50% minimum acceptance threshold, while Prosus agreed to sell its 17% stake.
- Combining these platforms would double Uber's global footprint and create a network better positioned to compete against rivals like DoorDash and Just Eat Takeaway in markets outside of China.
- Separately, Delivery Hero previously agreed to sell its operations in markets where Uber Eats already operates to New York-based investment firm SSW Partners for $1.6 billion.
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The board of directors of Delivery Hero, owner of Glovo, has given 'green light' to the purchase offer launched by Uber, of 14,800 million dollars (12,770 million euros), and will recommend to shareholders that they accept the operation.
Observador
Correio da ManhãGlovo's owner's administration approved the offer and recommends that shareholders accept it until November 5. Fusion will extend Uber to 99 markets.
Delivery Hero’s board of directors will recommend that shareholders accept the offer of €41.5 per share. The deadline for doing so ends next November 5.
With Uber's offer Delivery Hero could change ownership. The management of the Berlin Group supports the planned acquisition. The acceptance period runs until November 5th.
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