Uber Board Weighs Higher Delivery Hero Bid After Shareholder Rejection
UBER is trading near its 52-week low of $68.46 (5.0% above the low).
Summary
Uber is reportedly considering increasing its takeover offer for German food delivery company Delivery Hero. This follows a major shareholder's rejection of Uber's previous indicative bid, which was confirmed yesterday at EUR 33 per share and valued Delivery Hero at over 11.5 billion euros. A higher bid would increase the acquisition cost for Uber, impacting its capital structure, but could significantly expand its footprint in the European food delivery market. The market will be watching for further updates on a revised offer.
At the time of this announcement, UBER was trading at $71.89 on NYSE in the Trade & Services sector, with a market capitalization of approximately $146.2B. 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.