Prosus Considers Raising Delivery Hero Stake to Block Uber Takeover Bid, FT Reports
UBER is trading near its 52-week low of $68.46 (4.5% above the low) on elevated volume (2.9× avg).
Summary
Prosus, a major investor in Delivery Hero, is reportedly exploring increasing its stake to block Uber's takeover attempt. This introduces a significant hurdle for Uber, which has been aggressively pursuing Delivery Hero, including a formal $11.6 billion offer and recently boosting its own voting rights to 36.83%. The move by Prosus could make the acquisition more challenging or costly for Uber.
At the time of this announcement, UBER was trading at $71.56 on NYSE in the Technology sector, with a market capitalization of approximately $143.3B. The 52-week trading range was $68.46 to $101.99. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Reuters.