DGAP-News

Vonovia SE: Takeover offer for Deutsche Wohnen - minimum shareholder approval of 50% not expected to be reached

DGAP-News: Vonovia SE / Key word(s): Miscellaneous Vonovia SE: Takeover offer for Deutsche Wohnen - minimum shareholder approval of 50% not expected to be reached (news with additional features) 23.07.2021 / 17:41 The issuer is solely responsible for the content of this announcement.

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Takeover offer for Deutsche Wohnen - minimum shareholder approval of 50% not expected to be reached

- Approval rate is currently 47.62 percent

- Promise to Vonovia's tenants in Berlin still applies: limit on rent increases until 2026. In addition, focus on new construction and continue talks about the sale of apartments to the state of Berlin

Bochum, 23 July 2021 - The public takeover offer from Vonovia SE ("Vonovia") for Deutsche Wohnen SE ("Deutsche Wohnen") is unlikely to have received the necessary approval from Deutsche Wohnen shareholders by the end of the voting period on 21 July 2021. At the current count (taking into account the Deutsche Wohnen shares already held by Vonovia), approximately 47.62% of the Deutsche Wohnen shares have been tendered. By the end of the rebooking period, today at 6pm, there will likely not be any further significant bookings. Therefore, a key condition for the completion of the Offer will probably not be fulfilled. A significant proportion of Deutsche Wohnen's shareholders are currently hedge funds and, in addition, index funds, which are only allowed to trade once the minimum acceptance quota has been reached and all closing conditions have been met. The final result is expected to be published 26 July 2021.

Rolf Buch, Chairman of the Management Board of Vonovia: "We have received broad support for our proposal to combine Deutsche Wohnen with Vonovia. We maintain that a combination of the two companies makes a lot of sense, both economically and socio-politically, and is the most effective solution to the major challenges facing the housing market. Unfortunately, an insufficient proportion of the current shareholders of Deutsche Wohnen have turned in their shares."