Uber isn’t just ordering food anymore. It’s ordering entire companies.

The ride-hailing and delivery giant is actively contacting parties interested in acquiring Delivery Hero’s regional businesses, a move that signals the next phase of what’s shaping up to be one of the largest food delivery consolidation plays in years. Uber has already built a 36.83% stake in the Berlin-based delivery company, and on May 23 submitted an indicative takeover proposal valued at roughly €10 billion, or approximately $11.6 billion.

The offer price: €33 per share. Some investors think that’s not nearly enough.

How Uber quietly built its position

Back in April 2026, Uber picked up a 4.5% stake from Prosus at €20 per share. That purchase wasn’t Prosus choosing to exit voluntarily. It was mandated by divestment obligations tied to Prosus’s Just Eat Takeaway transaction.

By May 18, Uber’s position had grown to 19.5% in direct holdings, plus another 5.6% in options. The combined value at that point sat around €1.7 billion.

Uber acquired roughly 14.6% of Delivery Hero shares from Aspex Management, a Hong Kong-based investment firm. That single transaction pushed Uber’s total stake to approximately 36.83%, translating into about 24.99% of voting rights in the company.

The regional chess match

Uber’s outreach to potential buyers of Delivery Hero’s regional businesses suggests a breakup strategy. Uber isn’t the only one circling. DoorDash has been exploring acquisitions related to Delivery Hero’s operations in Turkey and the Middle East.

Delivery Hero itself is in the middle of a strategic review and leadership transition. The company faces mounting pressure to streamline operations and shed underperforming units.

What this means for investors

The €33 per share offer is where things get interesting. Some Delivery Hero investors are pushing for a price above €40 per share, a premium of more than 20% over Uber’s initial bid.

The spread between Uber’s April purchase price of €20 per share from Prosus and the current €33 offer also tells a story. In roughly two months, the implied value of Delivery Hero shares jumped 65%.

Traders watching this space should pay close attention to two variables. First, whether Uber raises its bid to satisfy shareholders demanding €40 or more. Second, which regional assets end up on the auction block and who buys them. DoorDash’s involvement in Turkey and the Middle East could reshape competitive dynamics in those markets for years.