Prosus Challenges Uber in Bidding War for Delivery Hero, Seeks to Expand Stake
Miles Bennett
Investment firm Prosus is approaching Delivery Hero shareholders to buy their stakes, leveraging a fresh EU exemption to counter Uber's takeover bid — turning Europe's largest food-delivery battle into a three-way fight over price and regulatory leverage.
How did this bidding war start?
Uber's initial offer of €33 per share for Delivery Hero was rejected. It has since raised its stake to 37%, valuing the company at over €12 billion.
Prosus held roughly 27% — the second-largest block — but was forced to surrender voting rights and commit to cutting its stake to single digits by August 2026, a condition of its Just Eat Takeaway acquisition last year.
This means → Prosus sat on a large stake it could not vote. Uber moved to exploit that window — and Prosus is now trying to shut it.
What does the EU exemption actually give Prosus?
The European Commission this week granted Prosus an exemption extending its deadline to sell down, while stressing it "must still fully comply" with the divestiture commitment. The length of the extension was not disclosed.
In plain terms = Brussels gave Prosus more time so it does not have to fire-sell into Uber's timeline — but the sell-down obligation remains.
Prosus is considering using the exemption to temporarily increase its Delivery Hero stake, either to block Uber outright or to negotiate a higher price in any deal.
Why is Prosus's CEO publicly attacking EU rules?
CEO Fabricio Bloisi has criticized EU antitrust rules for "opening the door" for a US company to acquire Delivery Hero.
He warned the EU risks "marginalization" in tech — this reflects a deeper tension: rules designed to protect competition may instead make European assets easier for American buyers to pick up.
Prosus sold 4.5% of its stake to Uber in April for roughly €270 million. Its posture now: no more selling — it may even buy.
What is Uber's next move — and what is the market pricing in?
People familiar with the matter say Uber is still evaluating whether to launch a formal tender offer; a decision "could take several more weeks."
Delivery Hero's share price has surged more than 75% over the past month — this means → the market is betting the deal will happen, but Prosus's intervention has made both the final price and the outcome far less certain.
Prosus may also vote against Uber's offer and is actively courting other shareholders for support — raising the bar significantly for Uber to close a deal.
Content is for reference only, not financial advice.