Deutsche Wohnen AG announced its intention to launch a public takeover offer for GSW Immobilien AG. A prerequisite for the offer is that the shareholders of Deutsche Wohnen approve the necessary capital increase at an extraordinary meeting of shareholders scheduled for 30 September 2013.
GSW has a focused growth strategy and continually analyses future developments in the residential real estate sector and potential consolidation within this space.
Against that background, a combination of GSW and Deutsche Wohnen could make sense from an operational and an industry point of view.
GSW is in the process of thoroughly analyzing the proposed offer. With regard to certain key aspects of the offer further clarification is required. To analyze the offer, GSW has engaged Goldman Sachs, Citigroup and Kempen & Co as financial advisors, as well as Hengeler Mueller as legal advisor.
A complete analysis of the attractiveness of the consideration offered requires a thorough analysis of Deutsche Wohnen and of the value potential from a potential transaction, as the proposed consideration offered to GSW shareholders is not cash but shares of Deutsche Wohnen. In addition GSW will thoroughly analyze the bidder's strategy and intentions, which have not yet been made public but which will need to be set out in the bidder's offer document.
In the course of the review of the offer GSW together with its advisors will clearly focus on its shareholders’ as well as all other relevant stakeholders’ interests, in particular the ones of its employees.