Uber Technologies Inc. is considering raising its offer for Delivery Hero, a prominent German food delivery company, following a rejection from a significant shareholder. The initial bid valued Delivery Hero at over 11.5 billion euros, or approximately $13.39 billion, according to a report by the Financial Times.

Board Discussions and Shareholder Reactions

Uber’s board convened on Saturday to evaluate the status of its takeover bid. The Financial Times, citing sources familiar with the matter, reported that Uber’s CEO, Dara Khosrowshahi, traveled to Oslo to meet with Delivery Hero’s supervisory board chair, Kristin Skogen Lund, to propose an offer of 33 euros per share.

However, Uber’s approach to one of Delivery Hero’s largest shareholders with a 38 euros per share offer was rebuffed. This offer represented a 15.3% premium over Delivery Hero’s closing price on the previous Friday. The rejection has prompted Uber to consider whether to increase its bid further.

Competitive Landscape

Several shareholders of Delivery Hero have expressed a desire for a price exceeding 40 euros per share for the entire company. Meanwhile, DoorDash, another competitor in the food delivery sector, has shown interest in Delivery Hero by making inquiries to shareholders, although it has not yet acquired any shares.

As of now, both Uber and Delivery Hero have not responded to requests for comments from Reuters regarding the ongoing negotiations.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.