Uber's indicative €33-per-share proposal for Delivery Hero, confirmed in the target's official statement, extends beyond reported stake-building to probe enforcement gaps in the EU Merger Regulation and national foreign investment rules. Primary documents such as the European Commission's 2023 Horizontal Merger Guidelines emphasize effects on labor markets and multi-homing by restaurants, elements absent from initial market commentary. One perspective, drawn from German Federal Cartel Office precedents in the 2021 Just Eat Takeaway review, highlights risks of reduced driver bargaining power across 60+ Delivery Hero markets. A contrasting view, reflected in Uber's prior 13D-style disclosures, frames the transaction as necessary scale against DoorDash's US-centric model without addressing data-portability obligations under the Digital Markets Act. Official statements from Delivery Hero's supervisory board underscore ongoing strategic review rather than immediate acceptance, leaving scope for remedies such as market divestitures in Southeast Asia. This pattern echoes earlier attempts by global platforms to consolidate via minority stakes before full offers, often triggering Phase II investigations when local competitors file complaints.