German food-delivery giant Delivery Hero has officially confirmed that it received a takeover proposal from its industry rival, Uber. The offer, which values the company at 33 euros per share, comes as the U.S.-based delivery platform continues to expand its influence over the European firm. The proposed valuation represents a slight discount of approximately 1.76% compared to Delivery Hero’s closing price on the final trading day of last week.

This development follows a significant increase in Uber’s ownership of the company. Uber recently grew its stake in Delivery Hero from roughly 7% to 19.5%, effectively becoming the firm’s largest shareholder. This investment is currently estimated to be worth approximately 1.7 billion euros. The move toward a potential full acquisition arrives during a period of leadership transition for the German company, as CEO Niklas Oestberg recently announced his intention to step down following pressure from major shareholders to conduct a comprehensive strategic review.

In response to the unsolicited offer, Delivery Hero stated that it remains committed to its ongoing strategic review process. While the company acknowledged the receipt of the proposal, it did not provide further details regarding potential negotiations or the board’s stance on the bid. Market observers are closely watching the situation, as a full merger would significantly consolidate the global food-delivery landscape.