Key Takeaways
Activist investor Aspex Management has raised its stake in German food delivery group Delivery Hero to about 15 percent, acquiring a 5 percent holding from Prosus NV for approximately €335 million ($393 million).
"As long-term shareholders, we have increased our stake, reaffirming our belief in the value upside for the company," Aspex founder Hermes Li said in a statement. "We will continue to work constructively with Delivery Hero's supervisory board and management to enhance value for all shareholders."
The Hong Kong-based asset manager paid €22 per share, representing a 10 percent premium to Delivery Hero's last closing price and a 22 percent premium to the 30-day volume-weighted average price as of May 8. The sale reduces the stake of Prosus to 16.8 percent. This move is part of a broader divestment for Prosus, which previously sold a 4.5 percent stake to Uber for €270 million.
The transaction intensifies pressure on Delivery Hero CEO Niklas Oestberg, as Aspex has previously called for his replacement and for the company to exit entire regions. The increased stake gives the activist investor more influence ahead of Delivery Hero's annual general meeting on June 23. Prosus is unable to vote its shares at the meeting as they are being managed by a trustee.
This stake increase signals a clear push by Aspex for significant strategic changes ahead of the upcoming annual general meeting. Investors will be closely watching for management's response and any further developments regarding the board and company strategy.
This article is for informational purposes only and does not constitute investment advice.
