Uber (UBER): a bid for Delivery Hero, €4.5 billion of bonds, and the CEO buying $10 million of stock

Uber closed at $71.51 on October 9, 2026, worth $146 billion and 25.5% lower than a year earlier; its twelve-month low was $65.94 on July 24, 2026. It traded at 15.7 times trailing earnings.

The Delivery Hero offer

On July 16, 2026, Uber signed a business combination agreement with Delivery Hero SE, a company incorporated under German law, under which an Uber subsidiary will make a voluntary public takeover offer under German law for all Delivery Hero shares at €41.50 each, in cash. Delivery Hero would pay Uber a €200 million fee if the agreement ends because its boards back a competing offer. The offer is subject to regulatory approvals and a minimum acceptance condition. To fund it, Uber signed a term loan in August, replaced its revolving credit facility with a new $7.7 billion one, and on September 15 sold €4.5 billion of bonds in five tranches maturing from 2029 to 2046, at rates from 3.75% to 5.25%.

Results

In the second quarter of 2026, trips grew 18% to 3.9 billion and gross bookings 24% to $58.0 billion (22% in constant currency). Revenue rose 12% to $14.2 billion; the company says changes to its business model reduced revenue growth by 8 percentage points. Income from operations was $1.9 billion (+30%), and trailing twelve-month free cash flow exceeded $10 billion for the first time. Uber’s GAAP net income swings from quarter to quarter because it includes gains and losses on its equity investments, which the company excludes from its non-GAAP figures.

Who held it at the end of June

Thirteen of the 38 managers held Uber at the end of June, down from fifteen. The largest by far is Bill Ackman’s Pershing Square, with 34.3 million shares, its biggest position — see our article on Pershing Square’s second quarter. David Tepper’s Appaloosa added 22%, while Cliff Asness’s AQR, John Armitage’s Egerton and Ken Griffin’s Citadel cut 42% to 64%. A 13F does not say whether trades came before or after the July 16 agreement.

Executives bought

In September 2026, two executives bought Uber on the open market with their own money: chief executive Dara Khosrowshahi bought $10.0 million of stock on September 10, at about $71, and president and chief operating officer Andrew Macdonald $5.3 million in early September. The only open-market sale in the period was $2.0 million by Jill Hazelbaker, president and chief corporate affairs officer, not marked as made under a plan. A Form 4 does not say why anyone buys; these purchases are among the largest by executives in the market in that period, as shown in our ranking of insider purchases. Daily data is on the Uber page. Not investment advice.