Uber Technologies is considering raising its takeover bid for German food delivery giant Delivery Hero. A major shareholder recently rejected an initial proposal from the company.
The potential deal would value Delivery Hero at more than €10 billion. Uber's initial pitch started at €33 per share.
Uber reportedly floated an informal offer of €38 per share that was also rebuffed. Key shareholders are holding out for a price exceeding €40 per share.
Delivery Hero shares surged more than 10% in European trading on expectations of a higher bid. Competitor DoorDash is also reportedly circling the company for a potential deal.
Uber stock previously declined 2.43% following the initial disclosure of acquisition talks. This price drop occurred on May 22.