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Vonovia gets 71.54% conwert shareholder acceptance in takeover

Following a successful takeover, Vonovia SE now holds 72,902,498 conwert Immobilien Invest SE shares, equivalent to 71.54% of the company's share capital.

Conwert's shareholders accepted Vonovia's takeover offer, with a vast majority following a recommendation from the board for its shareholders to accept the offer in cash.

70.87% of all the conwert shares were tendered for cash at €16.16 apiece, while the share-exchange option was selected for 0.67% of the company's shares. 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.

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. Shareholders accepting the offer during the extended period will only receive their cash consideration at the beginning of April 2017, while shares tendered during the first acceptance period will be processed in mid-January.