Investors are locking in gains on Delivery Hero following Uber's move to increase its stake. Shares in the food delivery specialist fell 3.6 percent to 37.94 euros on Thursday. The stock had nearly doubled over the past three weeks fueled by takeover speculation. According to insiders, Uber is preparing an offer for the remaining shares of the Berlin-based company after securing a block from Hong Kong asset manager Aspex. A regulatory filing shows that Uber now holds nearly 37 percent of Delivery Hero through direct ownership and derivatives. The U.S. group was not immediately available for comment, while Delivery Hero declined to comment on the matter.

The 'Financial Times' reported that Uber paid nearly 40 euros per share for the Aspex stake. However, Citibank analyst Monique Pollard noted it remains unclear whether this transaction triggers a mandatory offer to the remaining shareholders. Under German law, a buyer exceeding the 30 percent threshold must launch a bid for the entire company. Whether derivatives are included in this calculation depends on whether the contracts carry voting rights.

Over the weekend, Delivery Hero confirmed it had received a non-binding offer from Uber at 33 euros per share. This remains significantly below the current market price and is therefore deemed unattractive. Experts firmly expect a follow-up offer from the U.S. giant and do not rule out a bidding war. Potential suitors include DoorDash - the parent company of food delivery service Wolt - as well as Dutch tech investor Prosus, which owns British rival Just Eat Takeaway and is another major shareholder in Delivery Hero.

According to LSEG data, Prosus currently holds nearly 17 percent of Delivery Hero but is technically required to reduce this stake to less than ten percent by August. This is an EU mandate following its acquisition of Just Eat Takeaway. However, media reports suggest Prosus has officially applied to the EU for an exemption from further forced sales and could now be eyeing a full takeover of Delivery Hero.

Any potential buyer would face significant hurdles, emphasizes Jefferies analyst Giles Thorne. 'First, a multitude of antitrust issues must be resolved.' Operations overlap in several countries. 'A joint bid with a commitment to break up the group could bypass these issues. However, the complexity and resulting transaction risk would be substantial.'

(Reporting by Amy-Jo Crowley, Christoph Steitz and Hakan Ersen, edited by Sabine Wollrab. For inquiries, please contact our editorial office at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)