Uber Technologies’ takeover bid rejected by Delivery Hero

Berlin, Germany-headquartered Delivery Hero confirmed it received an connection from Uber astatine €33 per share, but said the connection was rejected.

The institution did not disclose further details of the discussions, noting it remains focused connected its ongoing strategical review.

Shares of Delivery Hero roseate much than 12% connected the news, trading hands supra €37 connected Monday morning.

The bid follows a play of accrued concern enactment by Uber successful the German group. Delivery Hero said past week that Uber had raised its involvement to astir 19.5% of issued stock superior from astir 7%, making it the company’s largest shareholder. Uber besides holds fiscal instruments linked to an further 5.6% stake.

Uber’s bid supports its strategy to grow its planetary transportation footprint and fortify its competitory presumption against rivals specified arsenic DoorDash successful cardinal overseas markets.