Vonovia Drops Minimum Acceptance Requirement to Secure Deutsche Wohnen Takeover
14 Setembro 2021 - 03:03AM
Dow Jones News
By Olivia Bugault
Vonovia SE said late on Monday that it is dropping offer
conditions including a minimum shareholder acceptance threshold of
50% in order to secure its acquisition of German real estate rival
Deutsche Wohnen SE.
Vonovia launched a new and final public takeover offer at 53
euros ($62.60) per Deutsche Wohnen share in late August after
failing in July to gain approval of at least 50% of Deutsche Wohnen
shareholders when the offer price was at EUR52 apiece.
"Vonovia SE is waiving all offer conditions in its voluntary
public takeover offer for the shares of Deutsche Wohnen SE," the
company said. "This also eliminates the need to reach a minimum
acceptance threshold."
Vonovia also said that the acceptance period, which was
initially scheduled to end on Sept. 20, will be extended until Oct.
4. An additional acceptance period should start on Oct.8 and end on
Oct. 21.
Vonovia currently owns about 30% of Deutsche Wohnen capital. It
has secured a further stake of around 10% through contracts with
investors and shareholders that have already accepted its offer, it
said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
September 14, 2021 01:48 ET (05:48 GMT)
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