10.02.2016
Vonovia SE DE000A1ML7J1
DGAP-News: Vonovia SE: Minimum acceptance threshold of Deutsche Wohnen offer has not been reached (news with additional features)
DGAP-News: Vonovia SE / Key word(s): Real Estate
Vonovia SE: Minimum acceptance threshold of Deutsche Wohnen offer has not
been reached (news with additional features)
10.02.2016 / 13:06
The issuer is solely responsible for the content of this announcement.
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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN OR
INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT
LAWS OF SUCH JURISDICTION.
Minimum acceptance threshold of Deutsche Wohnen offer has not been reached
- Total of approximately 30.4 % of Deutsche Wohnen shares tendered.
- Rolf Buch: "A value-enhancing opportunity for market consolidation has
not come to fruition."
- "The result affirms the further development of Vonovia's nationwide
platform on the one hand, and Deutsche Wohnen's Berlin-focused
portfolio management on the other."
Bochum, 10 February 2016 -
As of 12:00 hours CET on 10 February 2016, the preliminary acceptance rate
for the public takeover offer by Vonovia SE ("Vonovia") to Deutsche Wohnen
AG's ("Deutsche Wohnen") shareholders stood at approximately 30.4 % (on an
undiluted basis, including shares from convertible financial instruments).
Based on these preliminary figures, the minimum acceptance threshold of 50
% set by Vonovia and which is necessary for the full realisation of the
synergy potential of the contemplated transaction, has not been reached.
Rolf Buch, Vonovia's CEO said: "We extended an attractive offer to Deutsche
Wohnen's shareholders and received a lot of support from the market over
the past few weeks. Today we concede that the number of tendered shares are
not sufficient to conclude the transaction successfully. The combination
would have been a value-creating opportunity, further consolidating the
market. We will continue on our established course, expanding our
successful business model with a nation-wide platform. Our comprehensive
investment programme in energy efficienct, age-appropriate and modernised
housing, is a sustainable basis for continued organic growth. This is
complemented by innovative services for our customers, enhancing
satisfaction and creating shareholder value. The result also calls for a
Deutsche Wohnen with a Berlin focus."
Dr Stefan Kirsten, Vonovia's CFO said: "We offered Deutsche Wohnen's
shareholders an attractive, full price from the outset, in line with the
mandate from our shareholders and our stated acquisition criteria. This was
necessary to ensure a balance in the interest of both shareholder groups.
It was equally important to hold on to the minimum acceptance threshold to
avoid becoming a minority shareholder."
Deutsche Wohnen announced its intention to take over LEG at the end of
September 2015. Following in-depth analysis as well as conversations with
Vonovia's and Deutsche Wohnen's shareholders, Vonovia decided to offer a
value-creating alternative. It was premised on Deutsche Wohnen's
shareholders rejecting the combination with LEG. Deutsche Wohnen
subsequently withdrew its takeover offer for LEG. At Vonovia's
extraordinary shareholders' meeting on 30 November 2015, over 78 per cent
of shareholders mandated Vonovia to submit a formal takeover offer to
Deutsche Wohnen's shareholders.
Rolf Buch added: "The timing of our takeover offer was not determined by
us, but rather by Deutsche Wohnen's attempt to take over LEG. We achieved
our objective, by ensuring that LEG remains an independent, listed company.
LEG is an important partner for us, as demonstrated by the sale of around
14,000 apartments in November 2015."
Today's result has no bearing on the continued successful development of
the company. Vonovia still expects [revenue] growth for 2016 to beat 2015's
results by EUR 100 million above guidance. Vonovia's full year results for
2015 and a detailed outlook for 2016 will be presented on 3 March 2016.
About Vonovia
Vonovia SE is one of Germany's leading real estate companies. Vonovia
currently owns and manages some 367,000 residential units in all of
Germany's attractive cities and regions. Its portfolio is worth
approximately EUR 23 billion. As a modern service company, Vonovia focuses
on customer orientation and tenant satisfaction. Offering tenants
affordable, attractive and liveable homes is a prerequisite for the
company's continued successful development. Accordingly, Vonovia makes
long-term investments in the maintenance, modernisation and senior-friendly
conversion of its buildings.
The company, which is based in Bochum, has been listed on the stock
exchange since 2013 and on the DAX 30 since September 2015. Vonovia SE is
also listed in the international indices STOXX Europe 600, MSCI Germany,
GPR 250 and EPRA/NAREIT Europe. Vonovia has a workforce of approximately
6,100 employees.
Additional information:
Approval: Regulated Market / Prime Standard, Frankfurt Stock Exchange
ISIN: DE000A1ML7J1
WKN: A1ML7J
Common code 094567408
Registered office of Vonovia SE: Münsterstrasse 248, 40470 Düsseldorf,
Germany
Business address of Vonovia SE: Philippstrasse 3, 44803 Bochum, Germany
Important information:
This document does not contain or constitute an offer of, or the
solicitation of an offer to buy or subscribe for, securities to any person
in Australia, Germany, Canada, Japan, or the United States or in any
jurisdiction to whom or in which such offer or solicitation is unlawful.
The securities referred to herein may not be offered or sold in the United
States absent registration under the U.S. Securities Act of 1933, as
amended (the "Securities Act") or another exemption from, or in a
transaction not subject to, the registration requirements of the Securities
Act. Subject to certain exceptions, the securities referred to herein may
not be offered or sold in Australia, Canada or Japan or to, or for the
account or benefit of, any national, resident or citizen of Australia,
Canada or Japan. The offer and sale of the securities referred to herein
has not been and will not be registered under the Securities Act or under
the applicable securities laws of Australia, Canada or Japan. There will be
no public offer of the securities in the United States.
In the United Kingdom, this document is only being distributed to and is
only directed at persons who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (as amended) (the 'Order') or (ii) are
persons falling within Article 49(2)(a) to (d) of the Order (high net worth
companies, unincorporated associations, etc.) (all such persons together
being referred to as 'Relevant Persons'). This document is directed only at
Relevant Persons and must not be acted on or relied on by persons who are
not Relevant Persons. Any investment or investment activity to which this
document relates is available only to Relevant Persons and will be engaged
in only with Relevant Persons.
No action has been taken that would permit an offering of the securities or
possession or distribution of this announcement in any jurisdiction where
action for that purpose is required. Persons into whose possession this
announcement comes are required to inform themselves about and to observe
any such restrictions.
If any announcements in this document contain forward-looking statements,
such statements do not represent facts and are characterized by the words
"will", "expect", "believe", "estimate", "intend", "aim", "assume" or
similar expressions. Such statements express the intentions, opinions or
current expectations and assumptions of Vonovia SE and the persons acting
together with Vonovia SE. Such forward-looking statements are based on
current plans, estimates and forecasts which Vonovia SE and the persons
acting together with Vonovia SE have made to the best of their knowledge,
but which do not claim to be correct in the future. Forward-looking
statements are subject to risks and uncertainties that are difficult to
predict and usually cannot be influenced by Vonovia SE or the persons
acting together with Vonovia SE. It should be kept in mind that the actual
events or consequences may differ materially from those contained in or
expressed by such forward-looking statements.
+++++
Additional features:
Document: http://n.eqs.com/c/fncls.ssp?u=DSWMPJVMCH
Document title: Minimum acceptance threshold of Deutsche Wohnen offer has
not been reached
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10.02.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Vonovia SE
Philippstraße 3
44803 Bochum
Germany
Phone: +49 234 314 2384
Fax: +49 234 314 888 2384
E-mail: [email protected]
Internet: www.vonovia.de
ISIN: DE000A1ML7J1
WKN: A1ML7J
Indices: DAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart
End of News DGAP News Service
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436163 10.02.2016
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