Deutsche Wohnen AG said that its bid to take over Austrian rival Conwert Immobilien Invest SE broke down after negotiations on the deal’s final terms fell apart. Deutsche Wohnen had put €980m on the table to offer Conwert shareholders, or €11.50 per share, but its shareholders were unimpressed.
“The offers for Conwert’s convertible bonds as well as the anticipatory mandatory offer for the relevant shares of ECO Business-Immobilien AG are no longer effective,” the company said in a statement. Conwert’s largest shareholder is a fund run by the Haselsteiner family, which was reportedly in favor of the deal.
