Uber’s board met on Saturday to discuss raising its offer for Delivery Hero after a major shareholder rebuffed Uber’s bid that would value the German food delivery group at more than 11.5 billion euros ($13.39 billion), the Financial Times reported on Sunday.

The board held a meeting in which it discussed the status of its takeover bid, the FT report said, citing three people familiar with the matter.

Delivery Hero confirmed on Saturday it had received a takeover offer from rival Uber, valuing the company at 33 euros per share. Uber CEO Dara Khosrowshahi flew to Oslo this week to meet Delivery Hero’s supervisory board chair Kristin Skogen Lund, where he floated the 33-euros-per-share offer, according to the FT.

Uber approached one of Delivery Hero’s largest shareholders with an offer of 38 euros per share in recent days but was rebuffed, the FT report added. The offer represented a roughly 15.3% premium over Delivery Hero’s closing price on Friday, according to Reuters calculations.

Uber is now weighing whether to raise its bid again, the newspaper said.

Several Delivery Hero shareholders also told the FT they were seeking a price above 40 euros per share for the whole company. DoorDash has also been circling Delivery Hero and made enquiries to shareholders but has not purchased any shares, the FT report said.

Uber and Delivery Hero did not immediately respond to a Reuters request for comment.