BERLIN (dpa-AFX) - Vonovia (DAIMF) said Sunday that it plans to submit a new voluntary takeover offer to the shareholders of Deutsche Wohnen (DWHHF.PK) in the near future, maintaining the key parameters of the offer made on 23 June 2021. The boards of Deutsche Wohnen intend to recommend such an offer to their shareholders.
Vonovia plans to submit a new offer at 53 euros per Deutsche Wohnen share. Last month, Vonovia narrowly missed the 50% threshold with its agreed offer worth 52 euros per share.
Vonovia noted that a new takeover offer requires exemption from the one-year blocking period from German financial watchdog BaFin; the application for this exemption will be filed shortly.
If and as soon as BaFin gives the go-ahead, Vonovia will duly announce the offer, submit a new voluntary offer to the shareholders of Deutsche Wohnen to BaFin for review and, once approved, present it to the shareholders.
The key terms of the new offer will be cash offer of 53 euros per share. The closing is now expected to take place in the fourth-quarter and thus at the end of the current financial year. The minimum acceptance threshold is 50%.
The new offer price reprents a premium of 17.8% on Deutsche Wohnen's closing price on 21 May 2021 and of 24.9% based on the volume-weighted average price of the Deutsche Wohnen share over the three months up to 21 May 2021.
The Federal Cartel Office had already approved Vonovia's planned business combination with Deutsche Wohnen on 28 June 2021.
Copyright RTT News/dpa-AFX
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