Uber Technologies Inc (NYSE:UBER, XETRA:UT8) has made a takeover bid for Delivery Hero (XETRA:DHER, OTCQX:DLVHF), valuing the food delivery company at about €10 billion.
Berlin, Germany-headquartered Delivery Hero confirmed it received an offer from Uber at €33 per share, but said the proposal was rejected.
The company did not disclose further details of the discussions, noting it remains focused on its ongoing strategic review.
Shares of Delivery Hero rose more than 12% on the news, trading hands above €37 on Monday morning.
The bid follows a period of increased investment activity by Uber in the German group. Delivery Hero said last week that Uber had raised its stake to roughly 19.5% of issued share capital from about 7%, making it the company’s largest shareholder. Uber also holds financial instruments linked to an additional 5.6% stake.
Uber’s bid supports its strategy to expand its international delivery footprint and strengthen its competitive position against rivals such as DoorDash in key overseas markets.