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Deutsche Wohnen:Minority shareholder buyout (DPLTA): Difference between revisions
Deutsche Wohnen:Minority shareholder buyout (DPLTA) (view source)
Revision as of 11:49, 20 September 2024
, 20 September 2024→Past DPLTA Real Estate Actions In Germany
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* In 2015, Deutsche Wohnen raised the ratio to 3:7.079 upon the request of GSW shareholders<ref name=":0">https://www.annualreports.com/HostedData/AnnualReportArchive/d/deutsche-wohnen_2015.pdf</ref>. | * In 2015, Deutsche Wohnen raised the ratio to 3:7.079 upon the request of GSW shareholders<ref name=":0">https://www.annualreports.com/HostedData/AnnualReportArchive/d/deutsche-wohnen_2015.pdf</ref>. | ||
* Dissatisfied with the valuation, GSW minority shareholders went to court to challenge it<ref name=":0" />. The appraisal proceeding is still pending. | * Dissatisfied with the valuation, GSW minority shareholders went to court to challenge it<ref name=":0" />. The appraisal proceeding is still pending. | ||
'''''Assessment: The share exchange ratio was based on fair value of the company and not NAV or weighted share price.''''' | |||
=== '''TLG IMMOBILIEN AG and WCM AG DPLTA''' === | |||
* On September 29, 2017, TLG IMMOBILIEN AG and WCM AG announced an intention to conclude a DPLTA<ref>https://www.bundesanzeiger.de/pub/de/suchergebnis?4</ref>. | |||
* On February 9, 2018, the DPLTA came into force<ref>https://www.eqs-news.com/news/corporate/domination-agreement-between-tlg-immobilien-ag-and-wcm-ag-registered-in-the-commercial-register/1052141</ref>. | |||
* The share exchange ratio was set at 4 shares of TLG IMMOBILIEN AG for 23 shares of WCM AG, a ratio of 1:5.75. | |||
* WCM and TLG share price averaged EUR 3.34<ref>https://www.boerse-frankfurt.de/equity/wcm-ag/price-history/historical-prices-and-volumes</ref> and EUR 18.53<ref>https://finance.yahoo.com/quote/TLG.HM/</ref>, respectively in the three months preceding the initiation of the domination agreement. That is an exchange ratio of 1:5.55. | |||
* In the first nine months of 2017, WCM had a NAV of EUR 2.62 per share versus EUR 2.57 in the same period of 2017<ref>https://de.marketscreener.com/kurs/aktie/WCM-BETEILIGUNGS-UND-GRUN-19777573/news/WCM-Beteiligungs-und-Grundbesitz-in-den-ersten-neun-Monaten-2017-mit-unverandert-profitablem-Wach-25470343/</ref>. | |||
* Shareholders of WCM AG who did not want to participate in the DPLTA were awarded a guaranteed dividend of EUR 0.13 (gross) or EUR 0.11 after deducting 15.5% tax and 5.5% solidarity surcharge. | |||
* 83 shareholders went to court to challenge the compensation<ref>https://www.tlg.de/tlg.de/Data%20Objects/Downloads/anleihen/hybrid/20190923_Hybrid_Prospekt.pdf</ref>. One of the shareholders that criticized the offer was SdK Protection Association of Capital Investors. According to SdK, the fact that valuers concluded that WCM's future sales was likely to decline was not tenable. They also complained that values used a higher beta of 0.375<ref>https://sdk.org/veroeffentlichungen/pressemitteilungen/wcm-ag-schliesst-beherrschungsvertrag-mit-tlg-immobilien-ag-sdk-beantragt-spruchverfahren/</ref>. | |||
* The court dismissed the appraisal proceeding in October 2019<ref>https://ircenter.handelsblatt.com/websites/ircenter_handelsblatt10/German/9020/news.html?newsID=1860551&companyDirectoryName=wcm</ref>. | |||
'''''Assessment: The share exchange ratio was based on fair value of the company and not NAV or weighted share price.''''' | |||
== Ownership Structure == | == Ownership Structure == | ||