By Olivia Bugault
Vonovia SE said Wednesday that it is launching a public takeover offer for the acquisition of all Deutsche Wohnen SE's shares.
The German real-estate company is offering 52 euros ($62.11) a share in cash until the expected end of the offer period on July 21, Vonovia said.
"For Deutsche Wohnen shareholders, Vonovia's offer represents a premium of 15.6% on the closing price of Deutsche Wohnen on 21 May 2021, the last day of trading before the offer was announced on 24 May 2021," Vonovia said.
Vonovia in late May said it would buy Deutsche Wohnen for a total consideration of EUR53.03 per Deutsche Wohnen share, with an offer price of EUR52 in cash plus Deutsche Wohnen's proposed dividend of EUR1.03 a share. The roughly EUR19 billion takeover bid would create Europe's largest residential real-estate group.
By the end of 2024, the joint management of regional portfolios should bring synergies and cost savings of roughly EUR105 million a year, the company said.
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(END) Dow Jones Newswires
June 23, 2021 01:53 ET (05:53 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.