Delivery Hero (ETR:DHER, OTCQX:DLVHF) selling its stake in Deliveroo PLC (LSE:ROO) removes one of the more plausible potential bidders for the takeaway group, suggests broker Shore Capital.
A bookbuild process is being used to dispose of the shares with Germany-based Delivery Hero (ETR:DHER, OTCQX:DLVHF), a rival to Deliveroo, likely to see all of its 4.5% interest sold.
Delivery Hero has held the shares for about two years.
ShoreCap says the sale again turns the spotlight onto the holdings of Deliveroo founder Will Shu, whose golden shares expire in April.
A bid premium has been built into Deliveroo’s valuation recently and helped its share price recover a little, believes the broker.
Doordash is another potential bidder, suggests ShoreCap, but for now the broker rates Deliveroo a ‘sell’.
Roo shares fell 4% to 116.9p.