Vonovia Raises Offer for Rival Deutsche Wohnen to EUR53/Share
02 August 2021 - 8:05AM
Dow Jones News
By Olivia Bugault
Vonovia SE said Sunday it has agreed with German property
company Deutsche Wohnen SE to launch an increased takeover offer at
53 euros ($62.90) a share, or about EUR19.1 billion in total, after
its previous attempt failed.
"The parties have agreed that the new takeover offer will have a
minimum acceptance threshold of 50% and will otherwise be at
substantially the same terms and conditions as the takeover offer
published on 23 June 2021," German real-estate company Vonovia
said.
Vonovia raised its offer to EUR53 a share in cash for each
Deutsche Wohnen share, from EUR52 previously.
The previous offer didn't reach the minimum acceptance threshold
of 50% from Deutsche Wohnen's shareholders, but both companies
"remain convinced of the strategic benefits of a business
combination," Deutsche Wohnen said Sunday.
The takeover offer--which would create Europe's largest
residential real-estate group--first needs to be approved by the
German financial authority before its launch, Vonovia said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
August 02, 2021 01:52 ET (05:52 GMT)
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