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Deutsche Wohnen:Minority shareholder buyout (DPLTA): Difference between revisions
Deutsche Wohnen:Minority shareholder buyout (DPLTA) (view source)
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'''''Assessment: The share exchange ratio was based on fair value of the company and not NAV or weighted share price.''''' | '''''Assessment: The share exchange ratio was based on fair value of the company and not NAV or weighted share price.''''' | ||
== Which valuation method was used in | == Which valuation method was used in other takeovers? == | ||
=== Vonovia takeover of Deutsche Wohnen in 2021 === | |||
* The 2021 takeover was based on EPRA Net Tangible Asset Value (NTA) valuation method<ref>https://ir.deutsche-wohnen.com/download/companies/dewohnen/takeover_information/20210831_Stellungnahme_EN.pdf</ref>. | * The 2021 takeover was based on EPRA Net Tangible Asset Value (NTA) valuation method<ref>https://ir.deutsche-wohnen.com/download/companies/dewohnen/takeover_information/20210831_Stellungnahme_EN.pdf</ref>. | ||
* A joint statement by Vonovia and Deutsche Wohnen pointed out that this valuation method is widely used in the REIT sector. | * A joint statement by Vonovia and Deutsche Wohnen pointed out that this valuation method is widely used in the REIT sector. | ||
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* 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>. | ||
=== Vonovia takeover of Buwog === | |||
* On 15 December 2017, Vonovia announced that it planned to offer BUWOG (Austrian company with real estate portfolio in Germany) shareholders € 29.05 per share<ref>https://static1.money.pl/d/akty_prawne/spolki/139/516747_0.pdf</ref>. | |||
* '''The offer price represented a premium of 18.1% on the closing price of BUWOG shares on December 15, 2017''' and a premium of 15.7% over the weighted average share price of BUWOG shares in the last six months prior to December 17, 2017. | |||
* After acquiring 90.7% shares of BUWOG, Vonovia squeezed-out BUWOG minority shareholders at a price of € 29.05 per share (six months later)<ref>https://www.reuters.com/article/world/europe/vonovia-to-pay-382-million-in-buwog-squeeze-out-idUSKBN1KX0CW/</ref>. | |||
=== Vonovia takeover of Gagfah === | |||
* On December 1, 2014, Vonovia announced that it will acquire Gagfah shares at 18 euros per share. '''The offer price was 18% higher than Gagfah's previous close'''<ref>https://www.bloomberg.com/news/articles/2014-12-01/deutsche-annington-seeks-to-acquire-german-rival-gagfah</ref>. | |||
* During that time, share prices were trading at or above the NAV. | |||
* On July 17, 2017, Vonovia acquired the remaining 5.7% stake at Gagfah<ref>https://www.marketscreener.com/quote/stock/VONOVIA-SE-13519421/news/Vonovia-SE-DB-VNA-completed-the-acquisition-of-the-remaining-5-7-stake-in-GAGFAH-S-A-35030451/</ref>. | |||
* On February 2018, Vonovia initiated DPLTA with Gagfah<ref>https://www.vonovia.com/en/globalsearch?term=Gagfah&contentType=all</ref>. | |||
== Ownership Structure == | == Ownership Structure == | ||