Germany-based Vonovia SE is poised to proceed with its offer for BUWOG AG's equity securities after fulfilling one of the conditions set out in the roughly €5.2 billion deal.
Under the condition precedent, the closing price of the FTSE EPRA/NAREIT Germany Index was required to be at least 999.74 for six consecutive trading days between the release of the offer document and the expiry of the original acceptance period. The March 5 closing price of the index of 1,094.35 surpassed the relevant threshold value, with five trading days remaining of the initial acceptance period, rendering the criterion fulfilled.
The residential-focused real estate company is offering €29.05 for each BUWOG share and about €115,753.65 in cash for each convertible bond with a nominal value of €100,000 during the initial acceptance period, which ends March 12. In the subsequent acceptance period, Vonovia will offer €93,049.33 for each convertible bond, it said in a release.
The offer is expected to be settled March 26, subject to the acceptance for more than 50% of all issued BUWOG shares.
