Vonovia said Sunday it has entered into a new agreement with Deutsche Wohnen, based on the existing business combination agreement, to make another voluntary public takeover offer to the shareholders of Deutsche Wohnen, after the failure of its merger plans.
Vonovia plans to offer all Deutsche Wohnen shareholders EUR 53 in cash per share this time, one euro more than the offer that failed a week ago.
Deutsche Wohnen said the board of directors and the supervisory board of Deutsche Wohnen support the planned offer.
Michael Zahn, CEO of Deutsche Wohnen said: “A partnership with Vonovia is still strategically sensible and offers significant advantages. From the recent discussions with our shareholders, we have gained the impression that this strategic logic is being seen. In addition, many shareholders regretted that the transaction was unsuccessful. We do not want to withhold the opportunity to agree to the merger on improved terms. “
”The planned takeover offer will be subject to a minimum acceptance rate of 50 percent of the shares in Deutsche Wohnen and other customary closing conditions. The approval given by the Federal Cartel Office as part of the offer agreed in May 2021 also applies to the improved takeover offer,” said Deutsche Wohnen in a press release.
”Since Vonovia’s previous takeover offer, agreed on May 24, 2021, narrowly missed the minimum acceptance threshold set there by 2.38%, the Federal Financial Supervisory Authority (BaFin) must be exempted from the one-year statutory blocking period before Vonovia submits the planned new takeover offer can,” added in the press release.
Vonovia plans to submit a corresponding application to BaFin. Deutsche Wohnen has approved the exemption from the blocking period.