German food delivery service Delivery Hero confirmed it had received a takeover offer from rival Uber valuing the company at 33 euros ($38.29) per share, it said in a statement on Saturday.
The offer represents a discount of about 1.76 per cent from Delivery Hero's last close on Friday, according to LSEG data.
Delivery Hero said last week its US rival had increased its holding to about 19.5 per cent of issued capital from roughly 7 per cent, becoming its largest shareholder. The stake is worth around 1.7 billion euros, according to Reuters calculations.
The German group's CEO Niklas Oestberg said last week he would step down, following campaigns by several large shareholders for a strategic review.
The company reiterated that it was fully focused on executing its strategic review process, without disclosing additional details on Uber's offer.
Bloomberg reported on Friday that Uber was exploring a full takeover of Delivery Hero, after which Uber shares fell 1.6 per cent.