Delivery Hero shares jumped more than 10% after reports that Uber Technologies Inc. is considering an improved takeover bid for the German food delivery company Delivery Hero SE.

Delivery Hero confirmed it received an offer from Uber valued at €33 per share, which would put the company’s value above €10 billion.

The Financial Times reported that Uber’s board has been discussing a higher bid after an earlier offer was rejected by a major shareholder.

Uber has also increased its stake in Delivery Hero to about 19.5%, making it the company’s largest shareholder, CNBC has reported.

The potential deal would continue consolidation in the global food delivery industry, following other major recent acquisitions.