Prosus shares surged on the news that the European Commission has granted the company a waiver extending the deadline - originally set for August - to reduce its stake in Delivery Hero to a single-digit percentage. The stock gained 10.2% to 42.93 on the day, and reached an intraday high of 43.33 as investors reassessed the company's role in a high-profile takeover contest. The length of the extension has not been made public.
The waiver alters the immediate mechanics around Prosus's holding in the Berlin-based food delivery group. Until now, Prosus had been in a position where regulatory requirements compelled it to pare back its stake. The company previously sold about 4.5% of Delivery Hero to Uber in April 2026 at a price of 20 per share and later disposed of roughly another 5% to Aspex Management at 22 per share. Both sales were described as measures to satisfy EU antitrust conditions tied to Prosus's acquisition of Just Eat Takeaway.
Those divestments occurred amid heightened takeover activity and negotiation. Uber confirmed it had been exploring a full public takeover of Delivery Hero at 33 per share, a proposal that values the business at about 10 billion. At the same time, Prosus had been in discussions with other Delivery Hero shareholders about the prices at which they might be willing to sell additional holdings, and had also considered increasing its own stake. Investors interpreted the EU waiver as removing the immediate requirement for Prosus to continue selling, allowing the company to move from a compelled seller position to one in which it could act as a potential blocking shareholder.
Market participants signaled that the waiver materially changes Prosus's negotiating leverage in the deal dynamics. Some shareholders had been demanding more than 40 per share for their Delivery Hero stock, highlighting a significant gap between those expectations and Uber's 33 bid. That valuation discrepancy, combined with the regulatory breathing room provided by the waiver and Prosus's active outreach, created a company-specific catalyst that market participants quickly priced into Prosus's shares.
The stock market backdrop offered modest support to the move. Sixteen analysts currently recommend buying Prosus shares, with no analysts on record recommending a sell, and the consensus analyst rating sits at Buy. The AEX index - where Prosus is a constituent - was broadly stable on the day, while U.S. equity gauges including the S&P 500, the Dow Jones, and the Nasdaq recorded modest gains, providing a secondary, limited tailwind to the upside in Prosus shares.
Prosus's intraday peak of 43.33 contrasts with its 52-week low of 37.37, reflecting investor reassessment of the strategic value tied to its Delivery Hero position in the context of the takeover interest and regulatory developments. The market reaction suggests investors are pricing in a newly expanded set of strategic options for Prosus as the bidding and negotiation environment around Delivery Hero evolves.
Summary
The European Commission granted Prosus a waiver extending the deadline to reduce its Delivery Hero stake to single digits; the extension length was not disclosed. Prosus had previously sold roughly 4.5% of Delivery Hero to Uber at 20 per share and about 5% to Aspex at 22 per share as part of EU antitrust compliance tied to its Just Eat Takeaway transaction. Uber later indicated it was exploring a full takeover at 33 per share, valuing Delivery Hero at about 10 billion. With the waiver, Prosus can potentially act as a blocking shareholder, and investors pushed Prosus shares higher, with the stock reaching an intraday high of 43.33.
Key points
- The EU granted Prosus a waiver extending the deadline to reduce its stake in Delivery Hero - the duration of the extension has not been disclosed.
- Prosus previously sold stakes in Delivery Hero to Uber ( 20 per share) and Aspex Management ( 22 per share) to meet antitrust conditions tied to the Just Eat Takeaway deal.
- Uber indicated it was exploring a full takeover at 33 per share, valuing Delivery Hero at roughly 10 billion, while some shareholders demanded more than 40 per share, leaving a notable premium gap and influencing market dynamics.
Risks and uncertainties
- The waiver's duration was not disclosed, creating uncertainty about how long Prosus can defer further divestment obligations - this affects investor expectations and negotiation timing in the M&A process.
- There remains a sizable gap between Uber's 33-per-share proposal and some shareholders' price expectations above 40 per share, which could complicate or prolong any potential acquisition.
- Prosus's prior sales of Delivery Hero stock to comply with EU antitrust conditions demonstrate that regulatory constraints have materially influenced its actions; future regulatory or compliance developments could again alter Prosus's options.