Bankers get red faces in German landlord M&A fail

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Here’s one for the M&A connoisseurs: German landlord Vonovia’s 18 billion euro offer for Deutsche Wohnen has probably failed, even though the target’s investors wanted it to succeed. LiamWardProud writes:

they could eventually demand more money if Vonovia sought full control. But no one had a reason to tender more shares than were necessary to get it over the line.

Bankers and shareholder-advisory groups usually coordinate the process if the vote looks close, according to two people involved in the deal. Somehow, that message seems to have been lost.

 

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