Receives offer to be acquired by Vonovia in cash and share deal valued at €9.92B
The Management Board and Supervisory Board of Vonovia SE have decided that the Vonovia SE will offer to the shareholders of German Wohnen AG, whose par value bearer shares of the German Wohnen AG with a proportionate amount of the share capital of the German Wohnen AG of EUR 1.00 per share (ISIN: DE000A0HN5C6) by way of a voluntary takeover bid to acquire (combined cash and exchange offer).
In return for the German residential shares for conversion the Vonovia SE intends, subject to the final determination of the legal minimum price and the final provisions in the Offer Document, the 11 German Wohnen shares (i) EUR 83.14 in cash and (ii) 7 new, no-par value registered shares of the Vonovia SE with a proportionate amount of the share capital of the SE Vonovia offer of EUR 1.00 each. Subject to the registration of the capital increase for the creation of new Vonovia shares before the next Annual General Meeting of Vonovia SE will be the new shares of Vonovia SE from 1 January 2015 dividend.
Highlights:
- Offer values company at ~€9.92B based on Oct. 8 closing price, ~11% above VWAP in last three months until Oct. 8
- Says new shares in Vonovia to have div. rights as of Jan. 1, 2015
- Deutsche Wohnen holders would hold 34.4% of combined company
- Consummation of transaction is expected in early 2016
- Estimates an FFO on a stand alone basis of around €690-710M