Uber Close to Acquiring Delivery Hero

The board of directors of Delivery Hero voted to approve a takeover bid submitted by Uber Technologies, bringing the deal, valued at approximately $15 billion, closer to completion. Delivery Hero’s board members stated that the offer is in the best interests of shareholders and that the price of 41.50 euros per share is fair, according to a company statement. The shareholder acceptance period for the offer ends on November 5. Uber announced in July its agreement to acquire the European food-delivery company, a move aimed at expanding its global operations. The company already held a direct stake of approximately 25% and had previously stated that the transaction would require regulatory approval. The food-delivery market boomed during the COVID-19 pandemic but has seen consolidation in recent years. Last year, competitor DoorDash agreed to acquire the British company Deliveroo, while Prosus entered into an agreement to acquire Just Eat Takeaway.com. In a separate development, Uber said it is reducing its workforce and restructuring, targeting cuts in management levels and redirecting spending toward its top strategic priorities. The company is cutting approximately 10% of its global workforce, according to CEO Dara Khosrowshahi in an email obtained by Bloomberg on Wednesday.