Observed Signal · May 11, 2026 · Investor Activism · Source: Manager Magazin · Impact: 2/5 · Sentiment: Neutral
Aspex Increases Stake in Delivery Hero, CEO Under Pressure
Aspex Management has raised its stake in Delivery Hero to about 15%, amplifying pressure on CEO and founder Niklas Östberg ahead of the company's annual general meeting on June 23. Prosus sold a 5% block of Delivery Hero shares to Aspex for roughly €335 million at €22 per share, Naspers said; the price was about 10% above the prior Friday close. Prosus must reduce its overall holding to under 10% by late summer to comply with EU competition requirements after its takeover of Just Eat Takeaway; after the sale to Aspex Prosus still holds about 16.8% and must divest at least another ~7%. Aspex has previously pushed for a break-up of Delivery Hero and called for Östberg’s removal. Hermes Li, founder of Aspex, said the investor will work constructively with the supervisory board and management.
A significant shareholder increased influence ahead of Delivery Hero’s AGM and Prosus must further divest due to EU competition rules; implications are primarily corporate governance and strategic direction for a major consumer platform, with limited direct impact on AdTech/MarTech.
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Key Takeaways & Evidence Grounding
- Aspex Management increased its stake in Delivery Hero to around 15%.
- Prosus sold a 5% stake in Delivery Hero to Aspex for about €335 million at €22 per share.
- Prosus must cut its stake in Delivery Hero to below 10% by late summer due to EU competition conditions following its takeover of Just Eat Takeaway.
- Delivery Hero's annual general meeting is scheduled for June 23; Aspex’s larger stake increases its influence there and could enable a no-confidence push against CEO Niklas Östberg.
- Hermes Li, founder of Aspex, said the investor will work constructively with the supervisory board and management.
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Recent verified developments and strategic activity across this market segment.
Investor Aspex Forces Delivery Hero CEO Östberg Exit
Delivery Hero said CEO and co-founder Niklas Östberg will step down no later than 31 March 2027 after pressure from major shareholder Aspex, which publicly demanded his removal and increased its stake. Östberg will lead a strategic review during a transition period while the supervisory board aims to appoint a successor by the end of the year. Aspex criticized Delivery Hero's comparatively weak profitability and has called for regional exits; it welcomed the planned leadership change. Prosus/Naspers sold a c.5% stake (about €335 million) to Aspex, which raised Aspex’s holding to roughly 15% and strengthened its influence ahead of the 23 June annual general meeting. Delivery Hero shares jumped (about 4% on Tuesday; over 20% since the prior Friday).
Uber Raises Stake in Delivery Hero to ~7%
A Manager Magazin newsletter (17 April 2026) summarizes key business news: fitness app Strava has confidentially filed for an IPO with the U.S. regulator after growing to over 195 million users and a $2.2 billion valuation from its May 2025 funding round. Markets rallied after Iran reopened the Strait of Hormuz during a Lebanon ceasefire, weighing on oil prices while oil stocks remain strong. Volkswagen subsidiary Audi and China's SAIC will expand cooperation with four additional models and a new site for China. Prosus sold about 13.6 million Delivery Hero shares to Uber, raising Uber’s stake to roughly 7%. The German government’s Entlastungsprämie allows companies to pay employees up to €1,000 tax- and levy-free through end of 2026; the measure has drawn criticism despite benefits for employers and workers. The newsletter also notes Reed Hastings’ planned departure from Netflix’s board and increased industrial AI adoption in Germany.
Uber Raises Stake in Delivery Hero to ~25%
Uber has significantly increased its holding in German food-delivery group Delivery Hero, reporting 24.99% of voting rights as of May 25 (up from 19.5%). The move comes amid takeover interest: Delivery Hero confirmed a non‑binding offer from Uber of €33 per share over the weekend. The Financial Times reported Uber acquired Aspex’s position via direct purchases and derivatives at just under €40 per share, a valuation near €12 billion and implying Uber has secured almost 37% of the company. Delivery Hero shares rose to €39.35, and other large shareholders such as Prosus (21.8%) face regulatory constraints that require its stake to fall below 10% by August. Delivery Hero founder and CEO Niklas Östberg announced his resignation.
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