German food delivery company Delivery Hero, the parent company of Foodpanda, has confirmed that it received a takeover offer from its rival Uber.

In a statement issued on May 23, Delivery Hero said Uber had proposed acquiring the company for 33 euros per share, valuing the group at billions of euros. The offer was about 1.76 percent below Delivery Hero’s closing share price on May 22, according to market data from LSEG.

The development comes days after Delivery Hero disclosed that Uber had increased its stake in Delivery Hero to around 19.5 percent from roughly 7 percent, making the American company its largest shareholder. 

Reuters calculations estimated the value of Uber’s holding at approximately 1.7 billion euros.

The potential takeover follows a period of growing pressure on Delivery Hero’s leadership and strategy. Last week, chief executive Niklas Oestberg announced plans to step down after several major shareholders pushed for a strategic review of the company’s operations and future direction, according to a recent report by Reuters.

Delivery Hero said it remained focused on carrying out that review process and did not provide additional details regarding Uber’s proposal.

A recent report by Bloomberg said Uber was exploring a full acquisition of Delivery Hero, a move that would significantly expand Uber’s position in the international food delivery sector. Following the report, Uber shares fell 1.6 percent.

The takeover discussions come as Delivery Hero continues to scale back operations in several markets, having exited Thailand in 2025 following earlier withdrawals from Denmark, Ghana, Slovakia and Slovenia as part of efforts to streamline its global business and improve profitability.