** Delivery Hero DHER.DE rises as much as 9% after its top shareholder Prosus PRX.AS sold shares in the German food delivery group at a premium to Aspex Management

** The activist investor bought 5% of the company for about $394 million, paying 22 euros per share - more than 10% above Friday's close - and lifting its holding to roughly 15%

** Jefferies says the deal reduces the risk of further share placings but raises questions over strategy

** "Will Aspex now push for a Board seat (the AGM is on 23-Jun) and seek to accelerate its declared ambitions to remove the CEO, and what would the implications be for the ongoing strategic review" the broker says

** Prosus's stake now stands at around 17%, Jefferies notes