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Berlin — Shares in Delivery Hero surged on Monday after the company confirmed takeover interest from U.S. ride-hailing and food delivery giant Uber, fuelling speculation of a potential bidding war. The Berlin-based food-delivery service, which is listed on Germany’s MDAX index, said Uber had approached it with an offer of 33 euros ($38) per share for a full takeover. The proposed price was below Delivery Hero’s closing share price on Friday. The stock jumped as much as 9 percent to 36.69 euros on Monday, giving the company a market value of just over 11 billion euros ($12.8 billion). Uber is already a significant shareholder in Delivery Hero. Analyst Giles Thorne of U.S. investment bank Jefferies said the 33 euros-per-share proposal appeared insufficient, noting that some investors were seeking more than 40 euros per share. How things proceed from here “is difficult to predict,” he wrote. The Financial Times had earlier reported, citing informed sources, that Uber rival DoorDash had also approached Delivery Hero shareholders. DoorDash is reportedly primarily interested in Delivery Hero