Delivery Hero's Boardroom Revolt: Aspex Calls for CEO Ouster as Stakeholder Chess Game Intensifies
03.06.2026 - 17:15:50 | boerse-global.de
Morgan Stanley has trimmed its exposure to Delivery Hero, disclosing a reduction in its overall stake from 17.92% to 16.21% as of May 26. The change, reported on June 1, is a largely technical move under German securities law — the bulk of the position sits in derivatives rather than ordinary shares. Only 1.76% is held directly, with equity swaps accounting for 10.71% and call options for another 3.13%. Such structures can be unwound quickly without sending strategic signals, but they underscore the complex web of ownership encircling the food-delivery group as it barrels toward a critical shareholder meeting.
Against this backdrop, the company's operational performance remains solid. First-quarter revenue climbed 17.8% to €3.7 billion, while gross merchandise volume reached €12.5 billion. Like-for-like growth, adjusted for currency, came in at 8.8%. The quick-commerce division — rapid delivery of groceries and essentials — posted a 30% GMV jump and now makes up 18% of total volume. Management is guiding for a full-year adjusted EBITDA in the upper half of the €910 million to €960 million range. The stock trades at €39.19, just 2% below its 52-week high, having gained 70% over the past twelve months.
The operational strength, however, contrasts sharply with rising governance tensions. Hong Kong-based hedge fund Aspex Management, which has built a 14.4% stake through recent purchases, has forced a motion onto the agenda for the June 23 annual general meeting in Berlin. Aspex wants to withdraw confidence from CEO Niklas Ă–stberg and is calling for Delivery Hero to exit entire geographical regions. The simple majority rule means the fund could succeed if enough shareholders back the proposal.
Should investors sell immediately? Or is it worth buying Delivery Hero?
Östberg’s departure had already been scheduled for no later than March 31, 2027, with a succession search underway. But the timing of Aspex’s push — and the recent appointment of Roger Rabalais as an independent supervisory board member replacing Warren Jenson — suggests mounting pressure is accelerating change. Rabalais will stand for election at the AGM.
The shareholder lineup adds another layer of intrigue. Uber holds 24.99% of voting rights directly and another 11.84% through instruments, giving it a combined 36.83%. Germany’s financial watchdog, BaFin, has yet to clarify whether that structure triggers a mandatory takeover offer, since the 30% control threshold has been surpassed. Uber initially floated an offer at €33 per share, then returned with €38, but key investors are holding out for more than €40. The matter remains unresolved ahead of the AGM.
Meanwhile, Prosus controls 16.8% of the voting rights but cannot vote them directly; a trustee manages the stake. The European Commission is expected to extend the deadline for Prosus to reduce its holding to October 11, relieving what would have been a forced sell-off by mid-August.
Morgan Stanley’s derivative-driven reduction, while devoid of strategic intent, adds to the sense of jockeying. The AGM on June 23 will serve as a watershed: a formal Uber offer could materialize, BaFin may clarify the control threshold, and Aspex’s ouster bid will test whether the board can steer Delivery Hero through its next chapter. All eyes are on Berlin, where the future of the delivery giant is being fought out on multiple fronts.
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Delivery Hero Stock: New Analysis - 3 June
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