FRANKFURT/MILAN: Delivery Hero shares surged to their highest level in 18 months on May 25 after a report said Uber was considering raising its takeover offer for the German food delivery company following the rejection of an earlier proposal.

Shares in Delivery Hero climbed as much as 12.7 percent during trading, reaching an intraday high of 37.85 euros, the stock's highest level since November 2024. At that level, the company was valued at about 11.5 billion euros (US$13.4 billion).

The gains extended Delivery Hero's rally to an 11th consecutive session, with the stock rising more than 80 percent over that period.

The Financial Times reported on May 25 that Uber's board met over the weekend to discuss increasing its offer after an initial proposal of 33 euros per share was rejected.

According to the report, Uber had approached one of Delivery Hero's major shareholders with a revised offer of 38 euros per share, but that proposal was also rebuffed.

The Financial Times said several shareholders were seeking a price above 40 euros per share.

Delivery Hero had disclosed on May 24 that Uber approached the company with a non-binding proposal valuing its shares at 33 euros each.

The company declined further comment beyond its earlier statement. Uber was not immediately available for comment.

Uber is already Delivery Hero's largest shareholder after increasing its stake in the company earlier this month to 19.5 percent of issued capital, up from roughly 7 percent.

The potential deal would further reshape the global food delivery sector, where companies have faced pressure from slowing growth, intense competition, and investor demands for stronger profitability.

Delivery Hero has also been under pressure from shareholders over its long-term strategy. Earlier this month, the company announced that its chief executive officer would step down in March 2027.

Analysts cautioned that any deal could face significant regulatory scrutiny because of overlapping operations between the two companies.

Brokerage Jefferies said in a note to clients that there were "a myriad of antitrust issues to unravel," noting that Uber and Delivery Hero overlap in 22 markets, including nine in Europe.