Delivery Hero's stock fell by over 3% on Thursday following a transaction in which Uber Technologies bought activist investor Aspex Management’s holding in the German online food-delivery company for just under €40 per share. That price sits significantly above the unsolicited €33-per-share approach Uber revealed publicly just days earlier.
In a regulatory filing, Delivery Hero said the purchase has increased Uber’s total stake in the Berlin-based group to 36.83%. Voting rights attached to shares were raised to 24.99%, while the remainder of Uber’s exposure to the company is held in instruments. That structure keeps Uber just under the 30% ownership threshold that, under German rules, would compel a mandatory takeover offer to all shareholders.
The nearly €40-per-share outlay for Aspex’s block represents about a 21% premium over the €33-per-share bid Uber disclosed on Saturday - a bid that valued Delivery Hero at roughly €10 billion and at the time did not offer a premium to the prevailing share price. Paying markedly more to secure Aspex’s position signals Uber’s determination to consolidate its influence ahead of any formal negotiations with the company.
Aspex had been one of the most outspoken shareholders in Delivery Hero, instrumental in pushing for significant governance changes. The activist investor successfully advocated for the departure of co-founder and chief executive Niklas Östberg and pressed the business to exit select markets and divest certain assets. With Aspex exiting, Delivery Hero loses its most disruptive internal critic, leaving Uber as the dominant external actor in shaping how negotiations could proceed.
Before the recent transaction, Uber was already the company’s largest shareholder, having earlier disclosed a near 20% stake along with options representing roughly a further 5.6%.
Regulatory and procedural considerations
The filing noted that further increases in Uber’s shareholding could require competition clearances in several of the markets where Delivery Hero operates. That requirement could constrain the pace at which Uber expands its economic and voting exposure to the company.
The market reaction - a drop in Delivery Hero’s share price and an uptick in Uber’s trading - reflects investor reassessment of the takeover dynamics now that a significant activist counterweight has been removed.
Bottom line
Uber’s purchase of Aspex’s stake for just under €40 per share tightens its grip on Delivery Hero while remaining narrowly below regulatory thresholds that would force a mandatory bid. The exit of a high-profile activist reduces internal pressure for a break-up and leaves the trajectory of any future transaction more squarely shaped by Uber and by the regulatory approvals that may be needed.