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Vonovia takeover bid wins backing from Conwert shareholders
December 19, 2016 / 5:23 PM / a year ago

Vonovia takeover bid wins backing from Conwert shareholders

FRANKFURT (Reuters) - German property group Vonovia (VNAn.DE) said its 2.9 billion euro ($3 billion) takeover offer has won sufficient backing from Conwert (CONW.VI) shareholders, fulfilling a key condition for the deal to go through.

The logo of German real estate company Vonovia SE, a member of the German DAX-30 stock market index, is seen at a Vonovia building in Essen, western Germany May 10, 2016. REUTERS/Wolfgang Rattay/File Photo

The minimum acceptance threshold of 50 percent plus one share was passed at 1600 GMT on Monday, Vonovia said, confirming its offer has been successful.

Conwert shareholders can choose to receive 16.16 euros cash per share or 74 Vonovia shares for every 149 Conwert shares, which implies a price of 17.58 euros per Conwert share based on the closing price the day before the offer was announced.

The final result will become available after the re-booking period ends on Dec. 21 at 1600 GMT. Conwert shareholders who have not yet accepted the offer can tender their shares at unchanged terms between Dec. 23 and March 23, 2017, Vonovia said.

Reporting by Maria Sheahan. Editing by Andreas Cremer and Adrian Croft

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