Offeree Companyconwert Immobilien Invest SE
OfferorVonovia SE
Acceptance period18 Nov to 19 Dec 2016, 17 hrs. Vienna local time
Extended Acceptance Period24 Dec 2016 to 23 Mar 2017, 17 Uhr hrs. Vienna local time
Offer priceEUR 16.16 per share cum dividend 2016
Alternative exchange offerThe exchange of one (1) conwert share for 0.496645 new Vonovia shares (this corresponds to the announced exchange ratio of 149 conwert shares for 74 new Vonovia shares after commercial rounding up to six decimal places) cum dividend 2016; therefore, the Bidder is entitled to any potential dividend paid by the Offeree Company for the business year 2016.
Offer volume101,906,213 shares
Premium cash purchase price

11.13% (3m);13.80% (6m);20.06% (12m)
(see section 3.5)

Premium exchange alternative

20.90% (3m);  23.81% (6m);  30.62% (12m)
(see section 3.5)


Both the cash offer and the alternative exchange offer are available under the following execution conditions (see section 4.1):

(1) Reaching the statutory minimum acceptance threshold pursuant to Section 25a para 2 Takeover Act (see Section 4.1.1)

(2) Registration of the execution of the Vonovia Offer Capital Increases (see Section 4.1.2).

(3) No significant decline in the FTSE EPRA / NAREIT Germany Index (see Section 4.1.3).

(4) No capital increase of registered share capital of conwert (see Section 4.1.4)

(5) conwert does not distribute dividends, changes its articles of association or is liquidated (see Section 4.1.5)

(6) No significant transaction of conwert (see Section 4.1.6)

(7) No material adverse change in the earnings of conwert (see Section 4.1.7)

(8) No significant compliance breach (see Section 4.1.8)

(9) No occurrence of a loss by conwert in an amount of one half of conwert's registered share capital or opening of any insolvency proceedings with respect to conwert (see Section 5.1 Offer Document conwert 17.11.2016 4 Section 4.1.9)

The Bidder expressly reserves the right to waive the fulfilment of individual conditions precedent (see Section 4.2)

Paying agentUniCredit Bank Austria AG, Schottengasse 6-8, 1010 Vienna, Austria, FN 150714 p
Share held by bidder prior to announcement of offer