By Olivia Bugault
Vonovia SE said Monday that it is launching its public takeover offer at 53 euros ($62.01) per outstanding share for Deutsche Wohnen SE and that this will be its final attempt to buy the company after having failed already before.
The real-estate company had already said earlier this month that it had agreed with its German rival to launch the new offer after failing in July to reach the minimum acceptance threshold of 50% from Deutsche Wohnen's shareholders when the offer price was at EUR52 a share. The new deal, worth roughly EUR19.1 billion, would create Europe's largest residential real-estate group, and represents a 17.8% premium on Deutsche Wohnen's share price unaffected by the news of a takeover, it said.
Vonovia said the new price and offer are final. "An increase in the offer price during the acceptance period or during the additional acceptance period is irrevocably excluded," it said. "Nor will a third offer be presented to the shareholders of Deutsche Wohnen," Vonovia said.
The offer period starts Monday and should end on Sept. 20, it said.
The combination of the two entities will create synergies and cost savings, it said.
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(END) Dow Jones Newswires
August 23, 2021 03:51 ET (07:51 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.