Observed Signal · Mar 20, 2026 · Shareholder Revolt · Source: Manager Magazin · Impact: 2/5 · Sentiment: Negative
Investor Demands Delivery Hero Breakup, Threatens Founder
Delivery Hero, the Berlin-based delivery group that once sat in the DAX and was valued near €40 billion, has lost more than 80% of its market value, prompting a shareholder revolt. The company's second-largest investor has sent a forceful letter calling for the breakup of Delivery Hero and has openly threatened founder Niklas Östberg with removal from the company's leadership. Manager magazin published a podcast episode in which journalist Jonas Rest and editor-in-chief Isabell Hülsen discuss the power struggle, the likelihood that Östberg can remain at the top, and the prospect of the company being dismantled. The episode is available via manager-magazin.de and major podcast platforms.
A major European e‑commerce/delivery group's shareholder revolt and demand for breakup is notable for corporate governance and M&A observers but is not a platform-level policy change; implications are significant for the company and its investors rather than the broader AdTech/MarTech industry.
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Key Takeaways & Evidence Grounding
- Delivery Hero lost more than 80% of its market value from prior highs.
- The company was formerly a DAX constituent and valued at nearly €40 billion.
- The second-largest shareholder demanded Delivery Hero be broken up in a forceful letter.
- The same shareholder threatened founder Niklas Östberg with removal from leadership.
- Manager magazin ran a podcast (hosts Jonas Rest and Isabell Hülsen) covering the dispute.
Connected Companies & Entities
5 Entities mappedRelated Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Delivery Hero CEO Niklas Östberg to Stay Amid Takeover
Niklas Ostberg, co-founder and CEO of Delivery Hero, will remain in his role, reversing his earlier decision to step down in April. This follows Uber's takeover offer, which Delivery Hero has recommended shareholders accept. The supervisory board, led by Kristin Skogen Lund, cited Östberg's long experience and strong connection to the company as key reasons for ensuring continuity. Östberg has re-focused on internal development, including the 'Everyday-App strategy'. Uber's cash offer of EUR 41.50 per share values Delivery Hero at about EUR 13 billion fully diluted. Uber will take over operations in 50 markets, while SSW Partners will acquire businesses in 14 markets, including foodora, Glovo, PedidosYa, and Yemeksepeti. The transactions, expected to close in the second half of 2027, are pending regulatory approvals.
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.
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).
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