German's largest listed residential player Vonovia has formally launched its public tender offer for all shares in Austrian listed housing landlord Conwert.
An offer document, published today, confirms the conditions agreed by the two parties in the business combination agreement signed on 5 September.
Vonovia has offered a cash consideration of €16.16 per Conwert share, or 0.496645 new Vonovia shares per conwert share. The offer period commences on November 18 when trading starts at the Vienna Stock Exchange and is scheduled to expire on December 19.
The takeover is subject to reaching the mandatory minimum acceptance threshold of 50% plus one share of all conwert shares at the time of expiry of the acceptance period. Vonovia has already received tender commitments for a total of 27.2% of conwert shares, including 25.7% of conwert shares held by Adler Real Estate AG and 1.5% of treasury shares held by Conwert.
The Austrian Federal Competition Authority cleared the planned merger of Vonovia and conwert on 28 October.
With around 340,000 residential units across Germany, Vonovia plans to integrate conwert's 24,500 residential units into its network, as well as gaining ground in Vienna, where it will maintain Conwert's headquarters. The Austrian property portfolios would still be managed by conwert, which wil remain listed on the Austrian stock exchange.
Last year, Conwert rejected a lower takeover bid from Deutsche Wohnen, at which point Adler bought a 25% stake in conwert.
