Uber is in advanced negotiations to purchase Delivery Hero

According to people familiar with the situation, Bloomberg News reported on Tuesday that Uber is in advanced negotiations to buy German food delivery service Delivery Hero.

According to the article, the ride-hailing business hopes to come to a deal with Delivery Hero as early as this week.

Delivery Hero would probably be worth much more than its current trading price of roughly $41.23 per share, according to Bloomberg.

Delivery Hero did not immediately reply to a request from Reuters, and Uber declined to comment.

Uber shares dropped by about 3%, while Delivery Hero shares increased by more than 5% to €38.93.

The food delivery company said in May that it had received a €33 offer from Uber. Reuters had previously reported that the U.S. company had increased its stake in Delivery Hero to nearly 37% from 25% by acquiring shares from fellow shareholder Aspex Management.