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Deutsche Wohnen willing to give 11.50 euro per Conwert share

Staff writer |
Deutsche Wohnen launched its 11.50 euro per share cash bid for Austrian target Conwert and ruled out sweetening the price despite criticism from some Conwert shareholders.

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"We are convinced that our offer represents an attractive opportunity for all Conwert shareholders," chief executive Michael Zahn said. "Conwert requires a strategic re-launch with a strong partner at its side. To this end, Deutsche Wohnen is in an outstanding position."

inority shareholders in Conwert said last month the 1.2 billion euro ($1.27 billion) bid was too low, helping to push shares in the Austrian property firm above the offer price. They closed on Tuesday at 12.40 euros.

Deutsche Wohnen already controls more than 30 percent of Conwert via agreements with shareholders.

The offer, which has a minimum acceptance threshold of 50 percent plus one Conwert share, ends on April 15. It also covers Conwert convertible bonds and bids 6.35 euros each for shares in its Eco Business Immobilien unit April 24.

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