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Vonovia reveals initial acceptance results of BUWOG buyout offer

German residential landlord Vonovia SE said in a release that its takeover offer for Austria-based BUWOG AG received acceptances from 73.8% of the latter's shareholders, representing 82,844,967 BUWOG shares.

Additionally, 99.6% of the total nominal amount of BUWOG's convertible bonds were accepted under the offer. With all preconditions fulfilled, the takeover offer is now effective.

The initial acceptance period for BUWOG shareholders expired March 12. During the additional acceptance period from March 16 to June 18, shareholders may tender their shares at €29.05 per share.

Convertible bondholders may convert their bonds at an adjusted price during a period expected to run from March 16 up to and including April 27.