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Vonovia Says Proceeds With BUWOG Offer

Vonovia SE (DAIMF) said Tuesday that its offer to acquire all of BUWOG AG's equity securities contains a condition precedent, according to which the closing price of the FTSE EPRA/NAREIT Germany Index may not be less than 999.74 on six consecutive trading days between the publication of the offer document and the expiry of the original acceptance period. The transaction process continues as planned.

The closing price of the FTSE EPRA/NAREIT Germany Index on 5 March was 1,094.35 and thus above the relevant threshold value and only five trading days remain until the end of the initial acceptance period on 12 March 2018. This condition precedent therefore has been fulfilled on 5 March 2018 and can no longer prevent the closing of the offer.

The transaction process therefore continues as planned. The offer must be accepted for more than 50% of all BUWOG shares issued in order to be successful. If successful, the offer will likely be settled on 26 March 2018.

As per the terms of the Offer Document, Vonovia offers BUWOG shareholders a cash payment of 29.05 euros per BUWOG share.

The holders of BUWOG convertible bonds will be offered 115,753.65 euros in cash per convertible bond with a nominal value of 100,000 euros during the initial acceptance period. In the additional acceptance period, Vonovia will offer a reduced price of EUR 93,049.33 per convertible bond in accordance with market practice.

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