Deutsche Wohnen:Minority shareholder buyout (DPLTA): Difference between revisions

Deutsche Wohnen:Minority shareholder buyout (DPLTA) (view source)

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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>.
 * 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.'''''
+* The fair value of both companies was determined by discounting the future earnings. However, the discounted value was compared with the NAV at the end of 2023. The NAV for GSW exceeded the discounted value by 16.9%. "When making this comparison, it should, however, be noted that capital market returns and in particular the risk free rate have been decreased since end of 2013 indicating slightly higher discounted earnings valuations," the valuation expert noted. "In summary, this consideration does not give any indication that the discounted earnings values determined by us on the basis of the existing business plannings are not reasonable."
+[[File:EPRA NAV.png|left|thumb|564x564px]]
+'''''Assessment: The share exchange ratio was based on fair value of the company and not NAV or weighted share price. However, in this case, the valuation expert had to compare the fair value with the NAV to ensure that it's reasonable.'''''
 === '''TLG IMMOBILIEN AG and WCM AG DPLTA''' ===