BERLIN (dpa-AFX) - LEG Immobilien AG (0QC9.L) announced the termination of business combination agreement with Deutsche Wohnen AG (DWHHF.PK) by mutual consent. LEG Immobilien said it continues to pursue its successful growth strategy on a stand-alone basis.
As a result of this termination, the planned voluntary exchange offer by Deutsche Wohnen to the shareholders of LEG Immobilien will be cancelled.
Deutsche Wohnen, in a separate press release, stated that it is no longer able to continue pursuing its planned offer for LEG and that it decided to cancel the Extraordinary General Meeting convened for 28 October 2015.
At the same time, Deutsche Wohnen also reaffirmed that it is refusing the unsolicited attempt from Vonovia SE, stating that the offer does not reflect its NAV growth potential and the high quality of its real estate portfolio.
Michael Zahn, CEO of Deutsche Wohnen, said, 'Despite the initial widespread support for the combination with LEG, the changes in the recommendations of the most important proxy advisors mean that it is no longer possible to obtain the 75% majority at the Extraordinary General Meeting. As a consequence, we are no longer able to continue pursuing our planned offer for LEG. We will now go about the task of dealing with Vonovia's attempt with all of the necessary strength, diligence and support of our shareholders. The offer presented is not attractive for the Deutsche Wohnen shareholders.'
Copyright RTT News/dpa-AFX
© 2015 AFX News
