Uber (UBER) publishes its document for the voluntary takeover offer for Delivery Hero (DHER GY) at EUR 41.50/shr

• Offer represents a 108% premium to the unaffected 8th May 2026 closing price
• Acceptance period runs from 27th August to 5th November 2026
• Uber’s economic interest is about 53%, including Prosus’s (PRX NA) committed stake

Publication of the formal offer document converts an announced transaction into a live tender, and the mechanics now dominate the trade. With Uber's declared economic interest around 53% once the committed Prosus stake is counted, acceptance risk is materially reduced: the deal-arb question shifts from whether the offer clears to where the squeeze-out threshold sits and whether a raised bid is needed to reach domination-agreement or delisting levels under the relevant takeover code. A premium of the stated size to the unaffected price effectively forecloses competing bidders at the same economics, and precedent in large-cap European food delivery and mobility consolidation is that interlopers rarely emerge once a strategic buyer with an anchored stake has gone hostile-to-agreed. The spread from here typically compresses toward the offer as the acceptance window progresses, with residual width reflecting timing to the 5th November deadline, regulatory clearances, and the treatment of remaining minorities if acceptances stall short of the compulsory-acquisition level. Worth tracking are early acceptance disclosures, any statement from the target board beyond the recommendation already implied, and antitrust posture in overlapping markets, which is the usual source of conditionality in cross-border deals of this kind.