Delivery Hero flies to Frankfurt, activist fund Aspex buys 5% from Prosus

(Il Sole 24 Ore Radiocor)- Delivery Hero hurtles on the Frankfurt Stock Exchange on the back of a strengthening in its capital by the activist fund Aspex, which acquired at a premium 5% from Prosus. The transaction reduces Prosus's shareholding to around 17%, while Aspex's rises to around 15%.

As a statement indicates, Prosus has agreed to sell 15,188,284 ordinary shares of Delivery Hero to Aspex Management. The sale price is €22 per share, a premium of approximately 10% over the closing price and approximately 22% over the volume weighted average price of Delivery Hero's shares over the past 30 days, as of 8 May 2026. The total gross proceeds to Prosus from the sale are approximately €335 million. Prosus recalls that in August 2025, the EU Commission approved the acquisition of Just Eat Takeaway.com subject to Prosus' commitment to significantly reduce its stake in Delivery Hero. "Following Prosus' divestment of a 4.5 per cent stake in Delivery Hero to Uber in April 2026, today's transaction represents a further step towards the achievement of these commitments," indicates the holding company, which is due to drop below 10 per cent in Delivery by the end of the summer.

Traders meanwhile note that the strengthening of Hong Kong-based Aspex in the capital of Delivery increases further pressure on CEO Niklas Oestberg. In a letter reported in the media, Aspex urged Delivery Hero to withdraw from entire regions and replace Oestberg. Now the share increase gives the fund more bargaining power ahead of Delivery Hero's annual general meeting on 23 June. "As long-term shareholders, we have increased our stake, reaffirming ourconfidence in the company's valuation potential. We will continue to work constructively with Delivery Hero's supervisory board and management to enhance value for all shareholders,' said Hermes Li, the founder and CEO of Aspex. JP Morgan recommends buying Delivery stock with an unchanged target price of EUR 28.