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Vonovia Drops Minimum Acceptance Requirement to Secure Deutsche Wohnen Takeover

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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