The drama surrounding the takeover of Deutsche Wohnen by competitor Vonovia is entering the next round. A new offer for the shares has been put on the table.
Germany’s largest rental company Vonovia takes the next attempt to take over the smaller rival Deutsche Wohnen . Vonovia is offering 53 euros per share this time, one euro more than the offer that failed a week ago, as the company announced on Sunday evening.
The Deutsche Wohnen executive board gave its approval. This is necessary so that Vonovia does not have to wait twelve months before making another takeover offer. In view of this, the also required yes from the financial supervisory authority Bafin should only be a matter of form.
As in the previous failed attempt, the condition for the takeover is that Vonovia has access to more than 50 percent of the shares. Most recently, the shareholders of Deutsche Wohnen had offered the bidder only 47.6 percent and thus let him down.
Vonovia has meanwhile secured additional shares through the market and has already reached almost 30 percent. Vonovia emphasized that a profit transfer and domination agreement, on which numerous hedge funds had speculated and therefore withheld their shares, would not exist for at least three years if the offer was successful.