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Vonovia further increases stake in Victoria Park

German residential property company Vonovia SE disclosed the results of the extended acceptance period in its 9.56 billion-kronor cash offer for Swedish peer Victoria Park AB (publ), following its expiration on July 3.

During the initial acceptance period, Victoria Park shareholders representing about 63.8% of the total number of shares and 58.7% of the total voting rights in Victoria Park had accepted the 38.00-kronor-per-share offer.

During the extended acceptance period, an additional 1,649,385 class A shares, 2,542,719 class B shares and 108,891 preference shares in Victoria Park were tendered, translating to about 1.7% and 2.0% of the total number of shares and voting rights, respectively, in the company.

Vonovia said in a July 6 release that its Deutsche Annington Acquisition Holding GmbH unit now controls 35,897,338 class A shares, 101,679,569 class B shares and 772,063 preference shares in Victoria Park. The controlled shares, along with the shares for which call options were issued, correspond to about 66.1% of the total number of shares and 61.1% of the total number of voting rights.

Vonovia noted that the acceptance period will not be further extended, adding that it expects settlement of the remaining shares tendered in the offer to be initiated on or around July 11.

As of July 6, US$1 was equivalent to 8.72 kronor.