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Uber publishes BaFin-approved Offer Document for Delivery Hero, opening the acceptance period
The cash offer is forty-one euros and fifty cents a share. Acceptance runs from August 27 through November 5, 2026. Delivery Hero’s boards are expected to support the Offer; their joint reasoned statement is still forthcoming.
TickerGrove Newsroom · Published 08-27-2026 · Uber Technologies, Inc.
Sources
Uber Technologies, Inc. investor-relations release, August 27, 2026, “Uber Publishes Offer Document for its Takeover Offer for Delivery Hero,” independently re-read. Binding German Offer Document published August 27, 2026 after BaFin approval, including §11.5 on BaFin’s approval of the German version, and the non-binding English translation, both at delivering-value.com. July 16, 2026 Form 8-K, accession 0001552781-26-000382, is prior context for the business combination agreement, not the August 27 print. Yahoo, MarketScreener, Investing.com, and TradingView are not the number of record.
- Offer price
- EUR 41.50
- Acceptance ends
- 11-05-2026
- Premium vs May 8
- c. 108%
Offer terms from Uber’s August 27, 2026 IR release, checked against the binding German Offer Document and the non-binding English translation at delivering-value.com. July 16, 2026 Form 8-K is prior context. No tape. No dollar conversion of EUR 41.50.
Uber IR, August 27, 2026, Offer Document publication
TickerGrove
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.
What changed
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.
An offer document is not a closed deal
Uber published the German takeover Offer Document on August 27, 2026 after BaFin approval. Shareholders can tender Delivery Hero shares for forty-one euros and fifty cents in cash through November 5, 2026. The deal has not closed, and Delivery Hero’s boards have not yet published their joint reasoned statement.
Keep August 27, the July 16 agreement, and the still-open reasoned statement on separate lines
Use August 27, 2026 for the published Offer Document, BaFin approval of the German version, and the start of the acceptance period. Use July 16, 2026 only as the earlier business combination agreement and intention. The Offer Price is EUR 41.50. Do not convert it into dollars. Do not treat the expected board support as a published reasoned statement. Settlement is expected in the second half of 2027.
What we do not know
The Offer has not closed. Delivery Hero is not a subsidiary of Uber. The Management Board and Supervisory Board have not yet published their joint reasoned statement. This page does not invent a share-price move, does not convert EUR 41.50 into dollars, and does not print July 16 investor-presentation figures that are absent from the August 27 IR, including equity value, EV multiple, synergy, SSW proceeds, and fully diluted share count.
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Sources & evidence
Primary documents used for this piece. Internal claim-lineage notes stay off this page.
Uber International Technologies II Corporation Offer for Delivery Hero SE
Uber IR, August 27, 2026, Offer Document publication
Voluntary public takeover offer; Offer Document published 08-27-2026
Uber International Technologies II Corporation
Non-binding English translation of the Offer Document, dated August 27, 2026
2026-08-27
Uber International Technologies II Corporation
2026-08-27
Uber Technologies, Inc.
Form 8-K, July 16, 2026, accession 0001552781-26-000382; prior business combination agreement
2026-07-16
Figures used in this article
Offer terms from Uber’s August 27, 2026 IR release, checked against the binding German Offer Document and the non-binding English translation at delivering-value.com. July 16, 2026 Form 8-K is prior context. No tape. No dollar conversion of EUR 41.50.
Figure
EUR 41.50
- Entity
- Uber International Technologies II Corporation Offer for Delivery Hero SE
- Period / as-of
- Voluntary public takeover offer; Offer Document published 08-27-2026
- Unit / basis
- euro cash consideration per Delivery Hero share
Figure
c. 108%
- Entity
- Offer Price versus unaffected Delivery Hero close
- Period / as-of
- Unaffected closing share price on May 8, 2026
- Unit / basis
- % premium; issuer comparison, not a live tape print
Figure
c. 127%
- Entity
- Offer Price versus unaffected three-month Xetra VWAP
- Period / as-of
- Last three months prior to and including May 8, 2026
- Unit / basis
- % premium; issuer comparison, not a live tape print
Figure
May 8, 2026
- Entity
- Delivery Hero unaffected price date used for the stated premiums
- Period / as-of
- Closing share price date and end date of the three-month VWAP window
- Unit / basis
- calendar date; premium reference date, not a tape reprint
Figure
08-27-2026
- Entity
- Uber International Technologies II Corporation
- Period / as-of
- Offer Document published after BaFin approval; acceptance period opens
- Unit / basis
- calendar date of publication and acceptance-period start
Figure
11-05-2026
- Entity
- Delivery Hero SE takeover Offer
- Period / as-of
- Acceptance period ends
- Unit / basis
- calendar date; 24:00 hours Frankfurt am Main / 6:00 p.m. New York
Figure
24:00 hours
- Entity
- Delivery Hero SE takeover Offer acceptance deadline
- Period / as-of
- November 5, 2026, Frankfurt am Main local time
- Unit / basis
- clock time as printed in the August 27 IR
Figure
06:00 pm
- Entity
- Delivery Hero SE takeover Offer acceptance deadline
- Period / as-of
- November 5, 2026, New York local time
- Unit / basis
- clock time as printed in the August 27 IR
Figure
DE000A2E4K43
- Entity
- Delivery Hero SE
- Period / as-of
- Target shares in the Offer Document
- Unit / basis
- ISIN of no-par value registered shares
Figure
approximately 24.77%
- Entity
- Uber Technologies, Inc.
- Period / as-of
- Issued voting share capital of Delivery Hero held prior to Offer launch
- Unit / basis
- % of issued voting share capital
Figure
approximately 11.74%
- Entity
- Uber Technologies, Inc.
- Period / as-of
- Additional economic exposure via equity derivatives prior to Offer launch
- Unit / basis
- % of Delivery Hero share capital; cash settlement or physical delivery subject to approvals
Figure
51,116,174
- Entity
- Prosus irrevocable undertaking
- Period / as-of
- Shares covered for acceptance of the Offer
- Unit / basis
- Delivery Hero shares
Figure
51.1 million
- Entity
- Prosus irrevocable undertaking
- Period / as-of
- Human-readable rounding of 51,116,174 Delivery Hero shares
- Unit / basis
- Delivery Hero shares, about
Figure
approximately 16.68%
- Entity
- Prosus irrevocable undertaking
- Period / as-of
- Share capital and voting rights represented by the 51,116,174 shares
- Unit / basis
- % of Delivery Hero share capital and voting rights
Figure
approximately 53%
- Entity
- Uber Technologies, Inc.
- Period / as-of
- Total economic interest after the Prosus irrevocable undertaking
- Unit / basis
- % economic interest as printed in the August 27 IR
Figure
three years
- Entity
- Uber Technologies, Inc.
- Period / as-of
- Commitment not to enter a Domination and Profit Transfer Agreement (DPLTA)
- Unit / basis
- years from the commitment stated in the August 27 IR
Figure
50% plus one share
- Entity
- Delivery Hero SE takeover Offer
- Period / as-of
- Minimum acceptance threshold, other than treasury shares, including shares already owned by Uber
- Unit / basis
- share-capital threshold as printed; full conditions in the Offer Document
Figure
14 markets
- Entity
- Delivery Hero SE sale to SSW Partners
- Period / as-of
- Separate from but conditional upon closing of the Offer
- Unit / basis
- markets whose certain business operations Delivery Hero agreed to sell
Figure
second half of 2027
- Entity
- Delivery Hero SE takeover Offer
- Period / as-of
- Expected settlement, including payment of the cash consideration
- Unit / basis
- expected settlement window as printed; not a closed transaction
Figure
99 markets
- Entity
- Uber Technologies, Inc. and Delivery Hero SE combination
- Period / as-of
- July 16, 2026 intention, recapped in the August 27 IR
- Unit / basis
- markets for the combined multi-product platform; prior announcement, not the August 27 print
Figure
USD 236 billion
- Entity
- Uber Technologies, Inc. and Delivery Hero SE combination
- Period / as-of
- Combined pro-forma gross bookings in 2025; July 16 intention recapped August 27
- Unit / basis
- USD; 2025 pro-forma gross bookings; prior announcement, not the August 27 print
Figure
34
- Entity
- Uber Technologies, Inc.
- Period / as-of
- Markets where Uber can offer both mobility and delivery before the combination; July 16 intention
- Unit / basis
- markets; prior announcement, recapped August 27
Figure
58
- Entity
- Uber Technologies, Inc.
- Period / as-of
- Markets where Uber can offer both mobility and delivery after the combination; July 16 intention
- Unit / basis
- markets; prior announcement, recapped August 27