Uber and DoorDash have held exploratory talks with investors in Delivery Hero about a potential takeover, setting up a battle for the German food delivery group. Uber CEO Dara Khosrowshahi offered €33 per share but was rebuffed as investors seek a price above €40. DoorDash's Tony Xu has also engaged with Delivery Hero chair Kristin Skogen Lund, according to people familiar with the matter.

Uber already holds a significant 19.5% stake in Delivery Hero plus 5.6% in derivatives, giving it substantial influence over corporate decisions. The potential valuation of approximately €13 billion reflects a 19% premium over Delivery Hero's recent closing price. Morgan Stanley is advising Uber on the bid, while Delivery Hero's board considers a full sale or spin-offs of its Middle East and Korea divisions.

DoorDash primarily targets Delivery Hero's Middle East business including Talabat and HungerStation, plus Turkish arm Yemeksepeti. The food delivery market continues consolidating with recent acquisitions like DoorDash's £2.9bn Deliveroo takeover. While both suitors may yet abandon their pursuit, Uber's existing stake creates a significant obstacle for any full acquisition under German rules.