DGAP-News Deutsche Wohnen SE: Deutsche Wohnen supports improved offer by Vonovia to combine both companies
DGAP-News: Deutsche Wohnen SE / Key word(s): Mergers & Acquisitions/Merger
Improved Takeover Offer by Vonovia SE
Deutsche Wohnen supports improved offer by Vonovia to combine both companies
- Deutsche Wohnen and Vonovia remain convinced of the strategic benefits of a business combination
- Vonovia plans to publish an improved voluntary takeover offer in the near future and to offer all shareholders of Deutsche Wohnen 53 euros in cash per share
- Waiver of the one-year lock-up period for a new offer is subject to approval by the German Federal Financial Supervisory Authority (BaFin) following consent of Deutsche Wohnen
- With the new offer, Deutsche Wohnen and Vonovia also respond to the wish of numerous investors to participate in the transaction after all
- Business combination agreement of Deutsche Wohnen and Vonovia has been adjusted to reflect the new situation while keeping key provisions
- The "Future and Social Housing Pact" ("Zukunfts- und Sozialpakt Wohnen") for Berlin continues to apply unchanged
Berlin, August 1, 2021. Deutsche Wohnen SE ("Deutsche Wohnen") and Vonovia SE ("Vonovia") continue to pursue a business combination of both companies in partnership. In this context, Vonovia plans to launch a renewed improved voluntary public takeover offer for all outstanding shares of Deutsche Wohnen in the near future. The Executive Board and Supervisory Board of Deutsche Wohnen support the planned offer.
As Vonovia's former takeover offer that has been agreed on May 24, 2021 has not reached the set minimum acceptance level narrowly by 2.38 %, an exemption by the German Federal Financial Supervisory Authority (BaFin) is needed to lift the lock-up period of one year so that Vonovia may submit a new voluntary public takeover offer. Vonovia plans to submit an accord-ing application to BaFin. Deutsche Wohnen has agreed to the exemption of the lock-up period. The Executive Board and Supervisory Board of Deutsche Wohnen believe that this is in the best interest of the company as well as its stakeholders and shareholders.