Uber makes €33-per-share takeover offer for Delivery Hero

German food-delivery service Delivery Hero confirmed on Saturday that it had received a takeover offer from rival Uber, valuing the company at 33 euros (US$38.29) per share. The offer represents a discount of approximately 1.76% from Delivery Hero's last closing price on Friday, according to LSEG data. Uber has been rapidly accumulating shares in the German company, increasing its stake to about 19.5% of issued capital from roughly 7%, making it Delivery Hero's largest shareholder. The stake is valued at around 1.7 billion euros, based on Reuters calculations. Delivery Hero also announced last week that CEO Niklas Oestberg would step down, following campaigns by several large shareholders demanding a strategic review of the company. The German group reiterated that it remained fully focused on executing its strategic review process but did not disclose additional details regarding Uber's offer. Bloomberg had reported on Friday that Uber was exploring a full takeover of Delivery Hero, a revelation that caused Uber's share price to fall by 1.6%. The strategic review comes as Delivery Hero navigates pressure from institutional investors seeking greater transparency and improved performance from the company.