Delivery Hero stock: Uber offer triggers lower bond conversion price

Published on 11/13/2026 at 10:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Delivery Hero stock faces lower conversion prices after an Uber tender-offer acceptance event. The revised terms took effect on November 10.

Bond terms shift after Uber event

Delivery Hero lowered the conversion price on its 500 million euro convertible bonds due 2029 after an acceptance event linked to Uber's tender offer.
The revised conversion terms took effect on November 10, while the bond notice does not establish that Uber's proposed takeover has closed.
The lower conversion price may make conversion more attractive to bondholders and increase potential dilution risk for shareholders if conversion occurs.

Delivery Hero, DE000A2E4K43, Illustration mit AI erstellt.

Delivery Hero announced a lower conversion price for its 500 million euro convertible bonds due 2029 after an acceptance event connected with Uber International Technologies II Corporation's voluntary tender offer. WebDisclosure reported the change on November 11, citing the company's bond notice.

Bond terms reset after acceptance

The conversion price fell from 183.120 euros to 162.8712 euros, effective November 10, 2026. The acceptance record date was November 5, and the adjustment followed the mechanism set out in sections 11(b)(ii)(D) and 11(c) of the bond conditions.

The notice concerns the terms of the convertible bond rather than the completion of Uber's proposed acquisition of Delivery Hero. Further tender-offer steps therefore remain relevant for investors assessing the company's future ownership structure and capital-market profile.

Potential dilution remains the key issue

A lower conversion price can improve the economic appeal of converting the bonds into shares. For Delivery Hero shareholders, that creates a potential dilution consideration if bondholders exercise conversion rights, although the notice does not quantify any resulting share issuance.

The adjustment also gives investors a clearer reference point for the affected bond issue. Its direct significance for the ordinary share price depends on the tender offer's progress, the final ownership outcome and the decisions of bondholders.

Share price holds at Xetra close

Delivery Hero stock traded at 36.65 euros on Lang & Schwarz at 10:09 CET on Friday, November 13, 2026, 0.00 percent above the Xetra close of Thursday, November 12.