Aspex's Block Trade Reshapes Delivery Hero's Shareholder Dynamics

Activist investor Aspex buys 15.2M shares from Prosus at €22 each, pushing for divestitures and profitability; shares surge over 17%.

A major stake acquisition by Hong Kong-based Aspex Management has fundamentally altered the power structure at Delivery Hero, triggering a sharp rally in the Berlin-based food delivery group's shares. The activist investor purchased 15.2 million ordinary shares from Prosus in an off-market transaction at €22.00 apiece — a roughly 10% premium to the previous week's closing price. The deal, worth approximately €335 million gross, marks a strategic retreat for the Dutch internet holding company, which was compelled to reduce its position under EU regulatory obligations stemming from earlier acquisition proceedings.

Aspex's growing footprint — now nearly 15% of the share capital — comes with clear expectations. The investor has fired off a letter to CEO Niklas Östberg demanding a strategic reset, including the swift divestiture of underperforming business units to accelerate profitability. Market insiders say the fund is not ruling out personnel changes at the top if management fails to deliver. The board has already taken preliminary steps, notably the disposal of Delivery Hero's Taiwan operations for around $600 million, and further exits from less profitable markets are anticipated.

The market has rewarded the intensifying pressure on management handsomely. Shares initially climbed roughly 7% to €21.22 on Monday following news of the block trade, then extended gains to surge more than 17% to €23.26 as activist demands became public. The stock now trades well above its 50-day moving average of €18.13. JPMorgan analyst Marcus Diebel reinforced the bullish momentum, maintaining a price target of €28.00 and describing the shifting shareholder base as a catalyst for strategic change.

All eyes are now on the annual general meeting in June, where the board is expected to present concrete findings from its ongoing strategic review. For Aspex, the stake purchase at a premium signals conviction in Delivery Hero's long-term value creation, but the investor's activist bent means the path to that value will be closely scrutinized. Operationally, the company continues to focus on its "Everyday App" strategy and AI-driven efficiency gains, though the near-term narrative is dominated by the tug-of-war between management and its most assertive shareholder.