Uber is considering improving its takeover proposal for Delivery Hero after a major shareholder rejected an approach that valued the German food delivery company at more than €11.5bn ($13.3bn).

The board of the ride-hailing services provider met to review the situation after an offer of €38 a share was rejected by one of Delivery Hero’s largest investors, Financial Times (FT) reported, citing people familiar with the matter.

The company is now assessing whether to raise its offer again.

This follows an earlier proposal of €33 a share made to Delivery Hero’s board, a level that would have valued the group at over €10bn. This offer was confirmed by Delivery Hero.

In a short statement on 23 May, Delivery Hero said: “Uber Technologies reached out with an indicative proposal of €33 per share in respect of a potential takeover offer to all shareholders.

“The company remains fully focused on executing its strategic review process. Further updates will be provided as required or appropriate.”

Meanwhile, DoorDash has also shown interest, having contacted Delivery Hero investors but not bought shares, three people familiar with the situation told FT.

Several Delivery Hero shareholders have told the publication that they want more than €40 a share for a full sale of the company.

There is no agreement on price, and both Uber and DoorDash could still walk away. Any deal would face regulatory review.

Earlier this month, Uber disclosed that it owns 19.5% of Delivery Hero and a further 5.6% through derivatives.

Morgan Stanley is advising Uber on the bid. The bank also holds a 27% interest in Delivery Hero, mainly via equity swaps.

Earlier this month, Delivery Hero CEO Niklas Oestberg said he will step down, handing the leadership over by March 2027.