Delivery Hero is facing a critical moment, as its second-largest shareholder, Aspex Management, has formally demanded asset sales or a change in leadership.
This isn't just another suggestion from an investor; it's an ultimatum. Aspex's letter on March 13, 2026, escalates a campaign that began in late 2025, turning vague calls for a 'strategic review' into a concrete threat. With Delivery Hero's annual report scheduled for March 26, the company is now on a tight deadline to respond, making this a pivotal point in its corporate history.
So, how did we get here? The pressure on Delivery Hero has been building for months due to several key factors. First, the company's defenses were weakened. Its largest shareholder, Prosus, was forced by EU regulators to sell down its stake as a condition for another acquisition. This removed a stable 'anchor shareholder', opening the door for activist investors like Aspex to exert more influence.
Second, a series of operational and legal setbacks fueled investor frustration. The company failed to complete the sale of its Foodpanda businesses in Taiwan and Southeast Asia, creating the perception that management couldn't execute on its promises. At the same time, its European subsidiary, Glovo, was hit with massive fines and legal rulings related to labor misclassification and anti-competitive practices. These issues not only cost the company hundreds of millions of euros but also weighed heavily on its stock valuation.
This brings us to the Korean connection, which is central to this story. Amidst the struggles in other regions, Delivery Hero's Korean subsidiary, Woowa Brothers (operator of 'Baemin'), has been a shining star. In 2023, it generated nearly KRW 700 billion in operating profit and sent over KRW 400 billion in dividends back to its parent company. This makes Baemin the 'crown jewel' in Delivery Hero's portfolio—highly profitable, growing, and extremely attractive to potential buyers. For Aspex and other investors, selling a part of this valuable asset is the most logical and fastest way to unlock value and fix the company's financial issues.
- Activist Shareholder: An investor who buys a significant minority stake in a company to influence how it is managed.
- Portfolio Rationalization: The process of reviewing a company's assets or business units to decide which ones to keep, sell, or invest in further to maximize overall value.
- Anchor Shareholder: A large, long-term investor who provides stability to a company's shareholder base and often supports management.