(Updated: includes Xetra market open, adds Doordash as potential suitor, further analyst commentary.)

FRANKFURT (dpa-AFX Broker) - Official takeover advances from Uber continue to fuel Delivery Hero's rally this Whit Monday. Shares of the food delivery service surged by double digits, reaching as high as 37.85 euros. This marks the eleventh consecutive day of gains, extending a two-week rally to a total increase of 89 percent.

Delivery Hero announced on Saturday that Uber had approached the company with an offer of 33 euros per share. Uber already holds a one-fifth stake and has access to additional shares. However, the 33-euro figure met with little enthusiasm in the market, given that the current share price has already surpassed that level.

The situation surrounding the food delivery provider remains highly dynamic, according to analyst Andrew Ross of Barclays. A recent report by the 'Financial Times' suggests that Uber's rival, Doordash, is also interested, and that Uber is apparently prepared to raise its bid to 38 euros.

Even this might prove insufficient for some shareholders. Ross estimates the fair value of Delivery Hero shares to be well above 40 euros. He suggests this valuation could be realized either through a takeover or a corporate split. Giles Thorne of Jefferies also noted that several stakeholders are holding out for more than 40 euros per share. Predicting the next steps remains difficult, not least due to a 'myriad of antitrust issues'.

Currently, the investment firm Prosus holds approximately 16.8 percent of Delivery Hero. The Dutch group recently reduced its stake following the acquisition of competitor Just Eat Takeaway. Aspex Management holds a 14.4 percent stake. According to a regulatory filing on Friday, Morgan Stanley—which reportedly assisted Uber in rapidly increasing its position via derivatives—controls over 30 percent, primarily through indirect financial instruments.

Thorne suspects that Aspex will demand a price significantly above market levels. 'They want to maximize returns in the shortest possible timeframe,' the expert noted. Prosus is also expected to have a significant say in the proceedings.

Delivery Hero's rally is being driven not only by takeover speculation but also by broader valuation optimism stemming from a strategic portfolio review. This includes the potential sale of its South Korean business, Baemin./ag/men