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Vonovia extends acceptance period for mandatory offer for Hembla

Vonovia SE extended the acceptance period for its mandatory cash offer to acquire the shares it does not own in Hembla AB (publ) to Jan. 8, 2020.

The settlement for Hembla shareholders who will accept the offer during the extended acceptance period is expected to start Jan. 15, 2020. Following this, Vonovia will no longer extend further the acceptance period.

Vonovia, through its subsidiary HomeStar InvestCo AB, launched a mandatory offer Nov. 7 to acquire the shares it does not own in Hembla for 215 kronor in cash per B share, valuing the Swedish residential property company's shares at roughly 19.98 billion kronor.

As of Dec. 9, the end of the initial acceptance period, HomeStar held in total 6,136,989 A-shares and 81,282,426 B-shares in Hembla. These account for roughly 95.3% of the total voting rights and about 94.1% of the share capital in Hembla. The first settlement will start Dec. 16. There are no conditions for the completion of the offer.

Vonovia will commence compulsory acquisition of the remaining shares in Hembla, and plans to delist Hembla's B shares from Nasdaq Stockholm.

As of Dec. 10, US$1 was equivalent to 9.50 Swedish kronor.