Delivery Hero, a Berlin-based food delivery company, said its management and supervisory boards support Uber’s US$15 billion takeover offer and urged shareholders to approve the deal.

The company said the boards consider the offer to be in the best interests of Delivery Hero, its shareholders, employees, and other stakeholders, and described the price as fair and adequate.

If approved, the deal would expand Uber’s delivery business and add to consolidation in the sector.

Uber, already Delivery Hero’s largest shareholder, has set a minimum acceptance threshold of 50% plus one share of Delivery Hero’s outstanding share capital. Prosus has also agreed to sell its 17% stake.

Delivery Hero previously agreed to sell businesses in 14 markets where Uber Eats already operates to New York-based investment firm SSW Partners for US$1.6 billion.

The deal follows other recent transactions in the sector.

Grab said it would buy Delivery Hero’s Foodpanda business in Taiwan for US$600 million in cash.

DoorDash said it would pay US$3.87 billion for Deliveroo.

🔗 Source: TechCrunch

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