Delivery Hero SE is facing mounting pressure from major shareholders to conduct a strategic review amid intensifying consolidation in the food delivery sector, according to people familiar with the matter.

Investors, including Hong Kong-based hedge fund Aspex Management—Delivery Hero’s second-largest shareholder with a stake exceeding 5%—are pushing management to explore options such as selling the entire company or divesting certain businesses. The pressure comes as Delivery Hero’s shares have slumped over 50% in the past year and nearly 90% from their 2021 peak.

In early Friday trading, Delivery Hero’s stock rebounded, rising as much as 8.2%, lifting its market capitalization to around €5.6 billion ($6.5 billion).

Other investors, such as Singapore’s Broad Peak Investment Advisers, Switzerland’s PSquared Asset Management, and at least one major U.S. fund, have separately expressed dissatisfaction with the company’s slow progress in streamlining loss-making operations and enhancing shareholder value. Despite previous attempts to offload assets—including a failed effort to sell its Taiwan business to Uber Technologies Inc.—investors are urging more comprehensive strategic moves to reshape the portfolio.

Should Delivery Hero pursue a full or partial sale, potential suitors could include Chinese internet giant Meituan, Singapore’s Grab Holdings, or Uber. Notably, its South Korean subsidiary Baedal Minjok—the country’s largest food delivery app—is seen as a particularly attractive asset.

Under German regulations, investors holding over 5% of shares can demand a shareholder meeting and withdraw support for management if dissatisfied. While such votes are largely symbolic, losing a confidence vote would tarnish management’s reputation.

Separately, Dubai-based Ajeej Capital—which holds stakes in both Delivery Hero and its Middle Eastern subsidiary Talabat Holding Plc—has raised concerns about the persistent gap between the companies’ strong fundamentals and depressed valuations.

The investor pressure coincides with Prosus NV, Delivery Hero’s largest shareholder with a 27.4% stake, pledging to significantly reduce its holdings by August 2026 to ease antitrust concerns tied to its acquisition of Just Eat Takeaway.com NV.

Representatives for Aspex, Broad Peak, PSquared, Ajeej, Delivery Hero, Grab, Prosus, and Uber declined to comment or did not respond to requests.

A Talabat spokesperson stated the company remains “focused on growing sustainably, with recent quarterly results demonstrating solid financial performance,” adding that its governance structure complies with UAE regulatory requirements for listed firms.