By Pietro Lombardi
Deutsche Wohnen SE said Thursday that Vonovia SE's offer is "fair and adequate," and that it recommends that its shareholders accept it.
The German property company said that the executive and supervisory boards believe the offer is in the best interest of the company, its shareholders, its customers and its employees.
Vonovia has offered a total consideration of EUR53.03 ($62.88) per Deutsche Wohnen share, consisting of 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.
"The Executive Board and Supervisory Board also welcome the strategic benefit of the combination and the resulting added value it will generate for all parties and stakeholders," Deutsche Wohnen said.
Write to Pietro Lombardi at firstname.lastname@example.org; @pietrolombard10
(END) Dow Jones Newswires
July 01, 2021 09:55 ET (13:55 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.