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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Deutsche Wohnen SE | TG:DWNI | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.060001 | -0.33% | 18.06 | 18.00 | 18.10 | 18.40 | 17.76 | 18.14 | 22,255 | 22:50:03 |
By Olivia Bugault
Vonovia SE said Friday that it won't likely reach the minimum shareholder acceptance threshold necessary to pursue its takeover of German property company Deutsche Wohnen SE.
Vonovia's tender offer had been accepted by roughly 47.62% of all Deutsche Wohnen shares at the end of the acceptance period on July 21, which is below the minimum threshold of 50%, it said. The company therefore said the threshold likely won't be reached adding "this assumes that there are no material increases of the acceptance level during the remaining rebooking period," which ends today at 1600 GMT.
The company had offered a total consideration of EUR53.03 per Deutsche Wohnen share, consisting of an offer price of EUR52 in cash plus Deutsche Wohnen's proposed dividend of EUR1.03 a share. In early July, Deutsche Wohnen said the offer was "fair and adequate" and recommended its shareholders accept it. The deal, worth roughly 19 billion euros ($22.36 billion), would have created Europe's largest residential real-estate group.
Vonovia said it still believes the merger is "strategically compelling."
"Vonovia also still regards the offer price of EUR52 per Deutsche Wohnen share as fair and will carefully consider all options available to it, including for example the sale of Deutsche Wohnen shares already owned by Vonovia, the purchase of additional Deutsche Wohnen shares or the launch of another public offer," it said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
July 23, 2021 11:22 ET (15:22 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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