05.09.2016

Zugemailt von / gefunden bei: Baader Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

Vonovia announces takeover

Our conclusion

    In our view the takeover offer makes sense and reflects the value potential of conwert. The offered price, which is slightly above our own NAV for 2016E indicates a slight premium. As we already stated in our last update, we are very positive about conwert and regard the takeover bid as reasonable, although it is 2.4% below our current target price of EUR 18.

    A conference call will be held at 11:15 am CET today.

Facts & Analysis

    conwert shareholders to receive 74 Vonovia shares per 149 conwert shares; this implies an offer price of EUR 17.58 per conwert share based on the last Vonovia closing price and a resulting premium of 23.8% based on the six month VWAP of conwert. The offer price is around our estimated NAV for 2016E of EUR 17.45 and leads to a slight premium.

    conwert’s Administrative Board in favor of the offer, subject to legal examination of the offer.

    Adler Real Estate AG supports the offer and will tender its conwert shares of approx. 26% (diluted) in exchange for Vonovia shares. 

    According to Vonovia the complementary conwert portfolio fits well with Vonovia’s strategy Target: Operating synergies of at least EUR 7mn by YE18 and financial synergies of EUR 5mn p.a. already in 2017E.

Company im Artikel

Conwert

18 Achtzehn

126036

inbox_baader_bank_sieht_jetzt_die_18_bei_conwert