The largest takeover on the German real estate market is on the dry cloths: A good week before the end of the first acceptance period for the takeover offer, a majority in the Berlin competitor has been secured. The total number of Deutsche Wohnen shares that were offered to the Bochum industry leader, which he owns or to which he has access, amounted to around 50.49 percent of the voting rights on Friday evening, announced on Monday.
This also means that a capital increase at Deutsche Wohnen is off the table, which Vonovia would have needed if necessary to underpin the majority. The first deadline for the takeover offer ends on October 4th at midnight. Vonovia is offering 53 euros per Deutsche Wohnen share.
Vonovia had it – the company wanted to prevent another failure. “The transaction can no longer fail due to conditions,” Vonovia boss Rolf Buch had said. The two real estate giants listed in the list together own around 550,000 apartments valued at more than 80 billion euros, most of them in. The real estate portfolio is mainly in. The group is heavily criticized in the capital,. However, the vote is not legally binding.
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Vonovia’s last takeover offer for Deutsche Wohnen failed at the end of July due to the minimum acceptance threshold of 50 percent, and Bochum was only able to collect 47.6 percent of the shares. Now Buch has secured the majority in the Berlin competitor. This means that a lawsuit brought by the London hedge fund Davidson Kempner is now in vain – the latter had applied to the Berlin Regional Court for an injunction against a possible capital increase by Deutsche Wohnen and the sale of its own shares to Vonovia. A Vonovia spokeswoman made it clear that both steps would not be required: “We are not taking the option of the capital increase and treasury shares.”
Vonovia canceled the minimum acceptance threshold in its takeover offer for Deutsche Wohnen.