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Investing.com -- Delivery Hero SE rose over 8% on Friday after Bloomberg reported that several major shareholders are pressing the company to undertake a strategic review amid accelerating consolidation in the food-delivery sector.
The report citing people familiar with the matter said that investors including Hong Kong hedge fund Aspex Management, Delivery Hero’s second-largest shareholder with more than a 5% stake, are urging management to evaluate options that include selling the company or parts of its portfolio.
The push follows a steep decline in the stock, which has dropped more than 50% over the past year and nearly 90% from its 2021 peak.
Singapore-based Broad Peak Investment Advisers, Switzerland’s PSquared Asset Management and at least one large US fund have separately conveyed frustration over what they view as limited progress in reducing losses and improving shareholder value, the report said.
Delivery Hero has tried but failed to divest certain assets, including its Taiwan unit, which it attempted to sell to Uber Technologies Inc. Investors are now calling for a broader portfolio review.
Possible buyers for Delivery Hero or individual units could include Meituan, Grab Holdings Ltd. or Uber if assets were formally put up for sale, the people said, the report added.
Baedal Minjok, Delivery Hero’s Korean operation and the country’s largest food-delivery app, is considered one of the most attractive businesses in the group.
Under German rules, shareholders holding more than 5% of the company can request a meeting and withdraw support for management. While such a vote is non-binding, a loss of confidence can carry reputational consequences for executives.
Dubai-based Ajeej Capital, which holds stakes in both Delivery Hero and its listed Middle East unit Talabat Holding Plc, has separately raised concerns about what it sees as a gap between business fundamentals and market valuations, the report said.
The developments come as Prosus NV, Delivery Hero’s largest shareholder with a 27.4% stake, moves ahead with plans to reduce its holding by August 2026 to address antitrust requirements tied to its acquisition of Just Eat Takeaway.com NV.