Vonovia Raises Offer for Rival Deutsche Wohnen to EUR53/Share

By Olivia Bugault

Vonovia SE said Sunday it has agreed with German property company Deutsche Wohnen SE to launch an increased takeover offer at 53 euros ($62.90) a share, or about EUR19.1 billion in total, after its previous attempt failed.

"The parties have agreed that the new takeover offer will have a minimum acceptance threshold of 50% and will otherwise be at substantially the same terms and conditions as the takeover offer published on 23 June 2021," German real-estate company Vonovia said.

Vonovia raised its offer to EUR53 a share in cash for each Deutsche Wohnen share, from EUR52 previously.

The previous offer didn't reach the minimum acceptance threshold of 50% from Deutsche Wohnen's shareholders, but both companies "remain convinced of the strategic benefits of a business combination," Deutsche Wohnen said Sunday.

The takeover offer--which would create Europe's largest residential real-estate group--first needs to be approved by the German financial authority before its launch, Vonovia said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

August 02, 2021 01:52 ET (05:52 GMT)

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