Deutsche Wohnen steps back from LEG Immobilien combination
Over the past three weeks, the management board of Deutsche Wohnen has been in intense communication with its shareholders. At the heart of it, the investors clearly back the management team and the successful strategy it has pursued so far.
Also, influential proxy advisors recommended to consent at the extraordinary general meeting. However, they changed their recommendation after the hostile attempt from Vonovia.
As a result, it is no longer possible to obtain the 75% majority necessary for capital measures at the Extraordinary general meeting scheduled for October 28, 2015.
At the same time, the Management Board of Deutsche Wohnen has reaffirmed that it is refusing the unsolicited attempt from Vonovia SE, as it does not reflect Deutsche Wohnen’s NAV growth potential and the high quality of its real estate portfolio. ■