Uber and DoorDash are both competing for Delivery Hero

Delivery Hero got a takeover offer from Uber on Saturday. The bid values the German food delivery company at €33 per share, or about $38.29.

The offer is lower than what shareholders want. It’s about 1.76% below where Delivery Hero’s stock closed Friday.

Uber just became Delivery Hero’s biggest shareholder. The ride-hailing company bumped up its stake from 7% to 19.5% recently. That holding is worth around €1.7 billion.

But Uber isn’t the only interested buyer. DoorDash has been talking to Delivery Hero investors too, the Financial Times reported. DoorDash mainly wants the Middle Eastern business, which includes Talabat and HungerStation. Several investors have told both Uber and DoorDash they’re looking for more than €40 per share, around $46.41.

Delivery Hero’s board is weighing its options

The board is considering two options. Sell the whole company to one buyer or split the Middle East and South Korean businesses between the two.

They are taking their time to finalize the strategy and haven’t shared further information about Uber’s bid.

Delivery Hero is not doing too well. CEO Niklak Oestberg stepped down last week, and big shareholders are insisting on a strategic shakeup.

Potential Delivery Hero takeover has hit Uber’s stock

Uber’s shares, which weren’t doing too well already, were further down 1.6% after the potential deal got out. At close, they were down 1.5%. Overall, the stock is down 11% this year and 17% over the past 12 months.

However, analysts are not giving up on the company as its business seems to be doing better than the stock. First-quarter revenue came in at $13.2 billion, up 14% from last year. Platform bookings hit $53.7 billion, a 25% jump. Uber made 72 cents per share, beating the 69-cent estimate analysts had. BMO Capital Markets stuck with its buy rating on May 21.

Still, a deal isn’t guaranteed. Either company could back out. Regulators might block it too, the FT report said.

Uber’s push to become a complete travel platform

As reported by Cryptopolitan earlier, Uber unveiled several new features at its Go-Get event in New York before earnings release. The company partnered with Expedia to add hotel bookings covering over 700,000 properties worldwide, letting users handle both rides and accommodation in one app.

Other additions included a Travel Mode for local recommendations and restaurant reservations, plus voice-command booking through an AI assistant.

The company also rolled out Shop for Me, which lets customers request items from any local store, and Eats for the Way in select cities. It is a service where Uber Black vehicles arrive with pre-ordered coffee or snacks inside.