Shares of German food delivery giant Delivery Hero saw a significant boost, climbing more than 10% during Monday morning trading. The rally follows reports that Uber is actively considering an improved takeover bid for the Berlin-based company, signaling a potential major shift in the global food delivery landscape.

Delivery Hero officially acknowledged receiving an initial acquisition proposal from Uber valued at €33 per share, a move that would place the company’s market capitalization at over €10 billion. While the German firm has stated it remains committed to its current strategic review process, the interest from its U.S.-based rival has intensified. Reports indicate that Uber’s board met recently to discuss a sweetened offer after a previous bid of €38 per share faced resistance from a key Delivery Hero shareholder.

Uber has been aggressively increasing its stake in the company, recently raising its holding to approximately 19.5% of issued capital, up from 7%. This move has solidified Uber’s position as Delivery Hero’s largest shareholder. Should a deal ultimately materialize, it would mark another significant milestone in the ongoing consolidation of the food delivery industry, following a series of high-profile acquisitions by major players like DoorDash and Prosus over the past year.