Delivery Hero's Stock Soars 10%, Closing in on Uber's €38 per Share Takeover Offer

On May 25th, Delivery Hero's share price hit an 18-month high of 37.85 euros in the middle of trading at the Frankfurt Stock Exchange. This price has significantly exceeded Uber's initial indicative acquisition offer of 33 euros per share and is close to its subsequent price increase offer of 38 euros per share to major shareholders.

As of now, Delivery Hero has closed higher for 11 consecutive trading days, with a cumulative increase of 89% over the past two weeks, and over 80% increase in May,有望刷新 the company's largest single-month increase record.

According to the regulatory documents submitted by Delivery Hero last Saturday, Uber had previously issued an initial acquisition intent to all shareholders of the company, with an offer price of 33 euros per share, valuing the company at about 10 billion euros. This offer was lower than the company's closing price of 33.59 euros last Friday, and almost no acquisition premium was included.

After the initial offer was cold-shouldered, Uber turned to a major shareholder of the company with a new offer of 38 euros per share, valuing the transaction at over 11.5 billion euros (approximately 13.39 billion U.S. dollars). This offer was about a 15.3% premium over the closing price last Friday but was also rejected. Several investors told the UK's Financial Times that they believed a reasonable acquisition price needs to be over 40 euros per share, valuing the company at about 13 billion euros.

Jefferies analyst Giles Thorne pointed out in a report that many stakeholders are still insisting on an offer price above 40 euros per share.

“The prediction of the next trend is extremely difficult, especially considering the presence of a large number of anti-monopoly issues.”

Barclays analyst Andrew Ross, on the other hand, gave a higher valuation, believing that Delivery Hero's fair value far exceeds 40 euros and can be achieved through a complete acquisition or business division. Jefferies maintains its buy rating for Delivery Hero, with a target price of 42.50 euros.