Aspex Capital Demands Delivery Hero's CEO to Offload Company Stake or Resign

Delivery Hero Faces Pressure from Second-Largest Shareholder Aspex Management

Key Figures:

• 9.2%: Stake held by Aspex Management in Delivery Hero SE
• €5 billion: Market value of Delivery Hero SE
• $5.8 billion: Equivalent market value of Delivery Hero SE in USD
• 70+: Number of countries where Delivery Hero operates
• €1.4 billion: Value of legal provisions and contingent liabilities

Background:

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Delivery Hero SE, a leading food delivery company, is facing pressure from its second-largest shareholder, Aspex Management, to push ahead with the sale of certain assets. Aspex Management holds a 9.2% stake in Delivery Hero SE and has written a letter to CEO Niklas Östberg expressing its concerns.

Pressure from Aspex Management:

Aspex Management is demanding that Delivery Hero identify and sell assets where the company is not the best owner or operator. The investor believes that single-country divestitures or minority stake sales would not be sufficient and that a more comprehensive strategic reset is needed. Aspex Management has expressed broad-based skepticism among shareholders about the company's commitment to a strategic review and has threatened to initiate legal action if a clear near-term commitment is not made.

Company Response:

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Delivery Hero has stated that it is evaluating options to improve finances and operations and is working with JPMorgan as its advisers. The company has also stated that it welcomes the dialogue with shareholders and shares their commitment to unlocking shareholder value.

Concerns over Profitability:

Aspex Management has suggested that Delivery Hero's profitability is lower than that of its peers due to its large geographic footprint. The investor believes that the company's sprawling operations have led to a build-up of legal provisions and contingent liabilities of more than €1.4 billion.