The board of directors of Delivery Hero, the German company that owns Glovo, approved the acquisition offer presented by Uber valued at 14.8 billion dollars (12.77 billion euros). In a statement, the governing bodies indicated that they independently analyzed and evaluated the terms of the proposal, considering that the offer is in the best interest of the company, shareholders, workers and other stakeholders, and therefore recommend that shareholders accept the operation.
Uber proposed to Delivery Hero shareholders a cash consideration of 41.50 euros per share, representing a premium of 8% over the closing price of shares on Tuesday's session. Before the announcement of the public acquisition offer, Uber already directly owned approximately 24.77% of Delivery Hero's voting share capital, in addition to an additional economic exposure of approximately 11.74% through equity-linked instruments.
Shareholders may accept the offer through their respective banking institutions, with the acceptance period set to end on November 5. The minimum threshold for the operation to proceed is set at 50% plus one share.
Uber believes this acquisition will accelerate product innovation and create significant business opportunities. With the operation, the mobility and delivery platform will further expand its global business reach.
