Uber Technologies is considering a higher acquisition offer for German food delivery firm Delivery Hero.
Uber’s board met to discuss increasing the bid after shareholders rejected an initial valuation of over €11.5 billion ($13.39 billion).
Investors also rebuffed a subsequent offer of €38 per share.
Some shareholders are reportedly holding out for a price of at least €40 per share.
The potential deal would expand Uber's global footprint to better compete with rivals like DoorDash.
Delivery Hero shares surged to an 18-month high following reports of the takeover interest.