Shares in Delivery Hero rose over 10% on Monday morning following a Financial Times report that U.S. rival Uber weighed an improved bid for the German food delivery firm.
Delivery Hero confirmed in a statement on Saturday that it had received a takeover offer from Uber of €33 ($38.29) per share, which would value the company’s market capitalization at over €10bn.
The German company added it “remains fully focused on executing its strategic review process and further updates will be provided as required or appropriate”.
Delivery Hero shares opened 10.5% higher.
On Sunday, the FT reported that Uber’s board had convened on Saturday to discuss an improved bid for its Berlin-based counterpart, after a €38 per share offer was reportedly rejected by one of Delivery Hero’s major shareholders.
Delivery Hero said last week that Uber had increased its holding to about 19.5% of issued capital from roughly 7%, becoming its largest shareholder.
Shares in Uber fell 2.4 % following the news on Friday.
If the deal were to be successful, it would represent further consolidation in the food delivery sector, after DoorDash acquired Deliveroo and Prosus bought Just Eat last year.
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