Delivery Hero SE’s board voted to accept a takeover offer from Uber Technologies Inc., moving the nearly $15 billion deal for the German delivery platform another step toward completion.
Delivery Hero’s directors said the offer is in the best interest of shareholders, and the €41.50 per-share price is fair, the company said in a statement on September 2. The shareholder acceptance period expires on Nov. 5.
Uber announced the agreement in July for the European food-delivery company, in a move to expand its global operations. The company already owned a direct stake of about 25% and said at the time the transaction would need regulatory approval.
The food delivery market boomed during the COVID-19 pandemic, but has been consolidating in recent years. Rival DoorDash Inc. agreed to buy the U.K.’s Deliveroo Plc last year, while Prosus struck a deal to acquire Just Eat Takeaway.com NV.
Separately, Uber said it is slashing its workforce and restructuring, aiming to reduce management layers and reallocate spending to its biggest strategic priorities. The company is cutting about 10% of its staff globally, Chief Executive Officer Dara Khosrowshahi announced in an email obtained by Bloomberg News on September 2.
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