Uber publishes BaFin-approved Offer Document for Delivery Hero, opening the acceptance period

On August 27, 2026, Uber International Technologies II Corporation, an indirect wholly-owned subsidiary of Uber Technologies, Inc. (NYSE: UBER), published the Offer Document for its voluntary public takeover offer for Delivery Hero SE, ISIN DE000A2E4K43, after approval by the German Federal Financial Supervisory Authority (BaFin). The Offer is for all outstanding no-par value registered shares not already held by the Bidder. The cash consideration is forty-one euros and fifty cents a Delivery Hero share. This print is the Offer Document and the opening of the acceptance period, not the July 16, 2026 business combination agreement.

The acceptance period opened August 27, 2026 and runs through November 5, 2026 at 24:00 hours Frankfurt am Main / 6:00 p.m. New York. Delivery Hero’s Management Board and Supervisory Board are expected to publish their joint reasoned statement in due course and to support the Offer. Settlement, including payment of the cash consideration, is expected in the second half of 2027. The July 16 announcement remains the earlier intention, not this process step.

The news on August 27 is the formal Offer Document, not a new deal announcement. Uber International Technologies II Corporation published the document after BaFin approval. The Bidder is an indirect wholly-owned subsidiary of Uber Technologies, Inc. The target is Delivery Hero SE. Shareholders who accept tender Delivery Hero shares for forty-one euros and fifty cents in cash, printed as EUR 41.50. The binding German Offer Document and a non-binding English translation are posted at delivering-value.com. This page cites those documents and the August 27 investor-relations release; it does not treat a wire rewrite as the number of record.

The acceptance period runs from August 27, 2026 through November 5, 2026 at 24:00 hours Frankfurt am Main local time, which the release also prints as 6:00 p.m. New York local time. The Offer Price is about 108 percent above Delivery Hero’s unaffected closing share price on May 8, 2026, and about 127 percent above the unaffected three-month volume-weighted average Xetra price prior to and including May 8, 2026. Those premiums are the issuer’s comparisons. This page does not print a live or closing tape for Uber or Delivery Hero.

Before the Offer launched, Uber held approximately 24.77 percent of Delivery Hero’s issued voting share capital and had additional economic exposure of approximately 11.74 percent through equity derivatives, which, depending on their terms, provide for cash settlement or permit physical delivery subject to regulatory approvals. Uber also entered into an irrevocable undertaking with Prosus covering 51,116,174 Delivery Hero shares, about 51.1 million shares, or approximately 16.68 percent of share capital and voting rights, bringing Uber’s total economic interest to approximately 53 percent. Uber committed not to enter a Domination and Profit Transfer Agreement, a DPLTA, for three years.

The Offer is subject to a minimum acceptance threshold of 50 percent plus one share of Delivery Hero’s share capital other than treasury shares held by Delivery Hero, including shares already owned by Uber, plus merger-control and other regulatory clearances as set out in the Offer Document. Separately, Delivery Hero agreed to sell certain business operations in 14 markets to SSW Partners. That sale is separate from but conditional upon closing of the Offer. Uber has no influence over SSW Partners or those businesses. Settlement, including payment of the cash consideration, is expected in the second half of 2027.

The July 16, 2026 announcement is prior context. That earlier statement of intention said the combination would extend Uber’s multi-product platform to 99 markets, with combined pro-forma gross bookings of USD 236 billion in 2025, and would take the number of markets where Uber can offer both mobility and delivery from 34 to 58. Those lines are labeled here as the earlier announcement, recapped in the August 27 release. They are not a second takeover announcement.

Why it matters

The process has moved from a signed business combination agreement to a BaFin-approved offer that Delivery Hero shareholders can accept. Control has not transferred. Delivery Hero is not a subsidiary of Uber. The Offer Document, the acceptance clock, the minimum-acceptance test, and the remaining regulatory clearances are the objects that now govern whether the combination closes.

What to watch

Delivery Hero’s Management Board and Supervisory Board have not yet published their joint reasoned statement; the August 27 release says they are expected to do so in due course and to support the Offer. Custodian banks may set internal tender deadlines earlier than November 5, 2026. Closing still requires the minimum acceptance threshold and the merger-control and other clearances in the Offer Document. The SSW sale of operations in 14 markets remains a Delivery Hero transaction, conditional on Offer closing, and is not an Uber-operated carve-out. Payment of the cash consideration is expected in the second half of 2027, not on the acceptance-period timetable.