Uber, which has joined the bidding for Germany's Delivery Hero (DH), the parent company of Korean food delivery app Baedal Minjok (Baemin), is considering raising its offer price. DH is demanding a sale price of nearly 23 trillion won based on a 100% stake.
According to the Financial Times (FT) on the 24th (local time), Uber's board held a meeting on the 23rd to discuss whether to raise its acquisition offer for DH. Uber initially offered 33 euros per share (about 58,000 won) to DH, valuing the company at more than 10 billion euros (about 17.6 trillion won). Uber subsequently presented an offer of 38 euros per share to one of DH's major shareholders but was rejected, prompting it to consider raising the bid price further.
Whether Uber's board will raise its offer for DH, and by how much if it does, has not been confirmed. However, DH is reportedly demanding 40 euros per share. At that price, the total enterprise value would reach 13 billion euros (about 22.9 trillion won).
Uber currently holds a 19.5% stake in DH and an additional 5.6% through derivatives. Sources said Uber is also considering raising its indirect holdings above 30% through additional derivatives purchases. Morgan Stanley, which is advising Uber on the bid, has disclosed that it holds 27% of DH, primarily in the form of equity swaps. Meanwhile, the FT reported, citing three people familiar with the matter, that rival DoorDash is also considering an acquisition of DH and has approached shareholders, though it has not yet purchased an actual stake.
DH is reviewing options including a sale of the entire company or a separate sale of its Middle East and Korea businesses. DH founder Niklas Östberg recently informed investors that he intends to step down as CEO by March 2027. Aspex Management, an activist investor holding a 14.6% stake, has long urged DH to streamline operations, accelerate asset sales, and replace Östberg.
