Activist investor Aspex demands Delivery Hero overhaul amid falling shares
Activist investor Aspex has called for major changes at Delivery Hero, criticising the company's sprawling global operations. With a 9.2% stake, Aspex argues that the food delivery giant's presence in over 40 countries is hurting efficiency and profits.
The firm's share price has fallen by a third in the past year, leaving its market value at around €5 billion. Aspex is now pushing for a restructuring—or risk replacing the current leadership.
Delivery Hero operates across Europe, the Middle East, North Africa, Asia, and the Americas under brands like Foodpanda, PedidosYa, and Talabat. Despite investor pressure, the company has not sold off key markets such as Taiwan as of March 2026. Aspex claims this broad footprint creates inefficiencies, contrasting with competitors who have scaled back to focus on their strongest regions.
The investor is demanding a full portfolio review, urging divestments in areas where Delivery Hero is not the best owner. Legal risks add to the pressure, with provisions for litigation and liabilities exceeding €1.4 billion. If the company resists these changes, Aspex has warned it will seek to replace Delivery Hero's leadership team.
Delivery Hero now faces a critical decision over its global strategy. Aspex's demands for divestments and restructuring come as the company's market value declines. The outcome will determine whether the current leadership remains in place or is replaced by new management.
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