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Vonovia takeover accepted by conwert shareholders

Conwert Immobilien Invest SE shareholders accepted Vonovia SE's takeover offer, following a recommendation from the board for its shareholders to accept the offer in cash.

The legal minimum acceptance threshold of 50% of the shares outstanding plus one share was surpassed Dec. 19.

According to a company release, conwert has extended the acceptance period by three months until March 23, 2017, for shareholders who have not accepted the offer yet, in line with the Austrian Takeover Act.

Conwert shareholders have the option of either accepting the cash consideration of €16.16 per conwert share or exchanging one conwert share for 0.496645 of a new Vonovia share.

The shares tendered during the first acceptance period will be processed in mid-January 2017, while shareholders accepting in the extended grace period will receive their cash consideration at the beginning of April next year. Conwert continues to advise its shareholders to accept the cash offer from Vonovia.