Delivery Hero shares fell in trading as market participants expressed doubt over the attractiveness of Uber Technologies' reported takeover offer.
The ride-hailing giant is said to be proposing €41.50 per share for the German food-delivery operator, a valuation that has triggered a negative reaction among investors who view the price as insufficient given the company's strategic position and growth potential.
The skepticism highlights the gap between the acquirer's valuation and shareholder expectations.
While Uber is reportedly in advanced discussions to finalize the deal, the market's immediate response suggests that investors are not convinced the offer adequately reflects Delivery Hero's worth.
The share price decline underscores the difficulty of securing approval for a transaction that may leave value on the table for current holders.
This development follows earlier reports from Bloomberg and the Financial Times indicating that Uber is in advanced talks to acquire Delivery Hero in a transaction valued at approximately €12.5 billion ($14.34 billion).