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Deutsche Wohnen:Minority shareholder buyout (DPLTA): Difference between revisions
Deutsche Wohnen:Minority shareholder buyout (DPLTA) (view source)
Revision as of 12:51, 25 September 2024
, 25 September 2024→Which valuation method was used in the 2021 takeover of Deutsche Wohnen Shares by Vonovia
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* The method values properties based on the market value which is calculated using the Discounted Cash Flow Method (DCF). | * The method values properties based on the market value which is calculated using the Discounted Cash Flow Method (DCF). | ||
* '''The Management Board and Supervisory Board concluded that the offer price of EUR 53.0 was above the EPRA NTA of EUR 52.5 in Q1 2021.''' | * '''The Management Board and Supervisory Board concluded that the offer price of EUR 53.0 was above the EPRA NTA of EUR 52.5 in Q1 2021.''' | ||
* '''The price offered by Vonovia carried a premium of 5.3% over the three-month weighted average price prior to the initiation of the takeover bid.''' | |||
* In determination of the adequacy of the offer price, the two boards also compared the expected 2021 FFO of Deutsche Wohnen and that of its peers. | * In determination of the adequacy of the offer price, the two boards also compared the expected 2021 FFO of Deutsche Wohnen and that of its peers. | ||
* NAV was also the valuation method employed by Aroundtown when taking over the shares of TLG. "The Bidder also considered using alternative methods for the valuation of the Bidder and the Target. However, for various reasons, the Bidder has considered alternative valuation methods to be either unsuitable or less suitable than an EPRA NAV assessment and has therefore disregarded them. In particular, it was not possible for the Bidder to perform fundamental analytical valuations of the Target because the Bidder did not have access to the accounting and financial planning of the Target," the statement reads<ref>https://www.aroundtown.de/aroundtown.de/Documents/Takeover%20Offer%20TLG%20IMMOBILIEN%20AG/Documents/Aroundtown_Offer_Document_18_December_2019.pdf</ref>. | * NAV was also the valuation method employed by Aroundtown when taking over the shares of TLG. "The Bidder also considered using alternative methods for the valuation of the Bidder and the Target. However, for various reasons, the Bidder has considered alternative valuation methods to be either unsuitable or less suitable than an EPRA NAV assessment and has therefore disregarded them. In particular, it was not possible for the Bidder to perform fundamental analytical valuations of the Target because the Bidder did not have access to the accounting and financial planning of the Target," the statement reads<ref>https://www.aroundtown.de/aroundtown.de/Documents/Takeover%20Offer%20TLG%20IMMOBILIEN%20AG/Documents/Aroundtown_Offer_Document_18_December_2019.pdf</ref>. | ||