By Joshua Kirby
Deutsche Wohnen SE is recommending its shareholders accept a renewed and final takeover bid by peer Vonovia SE, the German real-estate company said Tuesday.
Vonovia last week upped its bid for Deutsche Wohnen to 53 euros ($62.53) a share, after a previous EUR52 offer failed to secure the minimum 50% approval from the latter's shareholders. Vonovia, which already holds a rough 30% stake in its takeover target, said at the time that it wouldn't increase the bid any further.
The new offer is "fair and adequate," Deutsche Wohnen said, adding that a tie-up between the two companies offers strategic benefits and added value for all stakeholders.
The acceptance period for the new offer should end on Sept. 20, Deutsche Wohnen said.
Write to Joshua Kirby at email@example.com; @joshualeokirby
(END) Dow Jones Newswires
August 31, 2021 05:45 ET (09:45 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.