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Vonovia Launches Public Offer To Buy BUWOG For EUR 29.05/ Share - Quick Facts

German apartment owner Vonovia SE (DAIMF) Monday announced the launch of its voluntary public takeover offer to acquire all shares in BUWOG AG.

Vonovia is offering the BUWOG shareholders a cash consideration of 29.05 euros per BUWOG share. Vonovia also is offering the holders of BUWOG convertible bonds 115,753.65 euros in cash during the initial acceptance period for each convertible bond with a nominal value of 100,000 euros.

The acceptance period will start on February 5 and is scheduled to expire at March 12. The completion of the takeover offer is subject to reaching the mandatory minimum acceptance threshold of at least 50% plus one share of all BUWOG shares at the time of expiry of the acceptance period.

The offer is subject to the approval of the transaction by the Austrian Federal Competition Authority. The planned takeover has already been cleared by the German Federal Cartel Office.

BUWOG's boards support the public offer and, subject to the legally required review and assessment, take a positive stance on the offer.

With the deal, Vonovia intends to combine its residential portfolio of around 350,000 apartments with that of BUWOG of around 49,000 apartments, in the process creating advantages for
shareholders and tenants.

Vonovia said it will finance this offer entirely by means of debt capital, including by use of the proceeds from a recently issued bond.

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