DGAP-News: Vonovia SE / Key word(s): Offer 
Vonovia SE: Vonovia launches public takeover offer for Deutsche Wohnen shares (news with additional features) 
2021-06-23 / 07:03 
The issuer is solely responsible for the content of this announcement. 
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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM ANY OTHER JURISDICTION WHERE TO DO 
SO WOULD VIOLATE THE LAWS OF SUCH JURISDICTION. 
Vonovia launches public takeover offer for Deutsche Wohnen shares 
- Deutsche Wohnen shareholders can tender their shares from today up to 21 July 2021 (24:00 CEST) 
- As previously announced, Vonovia is offering Deutsche Wohnen shareholders a cash payment of EUR 52 per Deutsche Wohnen 
share 
 
Bochum, 23 June 2021 - Further to the announcement of 24 May 2021, Vonovia SE ("Vonovia") today declared the launch of 
its voluntary public takeover offer for all shares in Deutsche Wohnen SE ("Deutsche Wohnen"). As described in the Offer 
Document published today, Vonovia is offering EUR 52 in cash for each Deutsche Wohnen share. The detailed terms and 
conditions of the offer and the closing conditions can be found in the Offer Document. 
The offer period begins today and is expected to end on 21 July 2021 at 24:00 CEST. During this period, Deutsche Wohnen 
shareholders have the opportunity to accept the offer and tender their shares. For Deutsche Wohnen shareholders, 
Vonovia's offer represents a premium of 15.6% on the closing price of Deutsche Wohnen on 21 May 2021, the last day of 
trading before the offer was announced on 24 May 2021, and of 22.4% based on the volume-weighted average price of 
Deutsche Wohnen shares over the last three months up to 21 May 2021. 
The Management Board and Supervisory Board of Deutsche Wohnen will support the combination of the two companies - 
subject to a thorough review of the Offer Document. The members of the Management Board and Supervisory Board who hold 
Deutsche Wohnen shares have stated their intention to accept the takeover offer for all their shares. The two companies 
already reached agreement on the key terms of the combination on 24 May 2021. 
For Vonovia's shareholders, the joint management of the complementary regional portfolios will bring synergies and cost 
savings of approximately EUR 105 million per year. These cost savings are expected to be fully realised by the end of 
2024 and do not yet include benefits from joint financing. 
With this transaction, Vonovia is abiding by its strict criteria. The Deutsche Wohnen portfolio is a sound strategic 
addition to Vonovia's portfolio; the business combination is rental EBITDA yield and NTA per share accretive; the 
credit rating will remain extremely strong following the acquisition. The rating agency S&P has confirmed Vonovia's 
current rating of BBB+ and Moody's has initiated coverage with a rating of A3. 
The publication of the Offer Document has been authorised by the German Federal Financial Supervisory Authority 
(BaFin); it is now available at https://de.vonovia-st.de/. Along with the German version of the Offer Document, a 
non-binding English version of the Offer Document is also available at this web address. 
 
About Vonovia 
Vonovia SE is Europe's leading private residential real estate company. Vonovia currently owns around 415,000 
residential units in all attractive cities and regions in Germany, Sweden and Austria. It also manages around 72,500 
apartments. Its portfolio is worth approximately EUR 59.0 billion. As a modern service provider, Vonovia focuses on 
customer orientation and tenant satisfaction. Offering tenants affordable, attractive and livable homes is a 
prerequisite for the company's successful development. Therefore, Vonovia makes long-term investments in the 
maintenance, modernization and senior-friendly conversion of its properties. The company is also creating more and more 
new apartments by realizing infill developments and adding to existing buildings. 
The company, which is based in Bochum, has been listed on the stock exchange since 2013. Since September 2015 Vonovia 
has been a constituent in the DAX 30 and since September 2020 in the EURO STOXX 50. Vonovia SE is also a constituent of 
additional national and international indices, including DAX 50 ESG, Dow Jones Sustainability Index Europe, STOXX 
Global ESG Leaders, EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, FTSE EPRA/NAREIT Developed Europe, and GPR 
250 World. Vonovia has a workforce of more than 10,000 employees. 
Additional Information: 
Approval: Regulated Market/Prime Standard, Frankfurt Stock Exchange 
ISIN: DE000A1ML7J1 
WKN: A1ML7J 
Common code: 094567408 
Registered headquarters of Vonovia SE: Bochum, Germany, Bochum Local Court, HRB 16879 
Business address of Vonovia SE: Universitaetsstrasse 133, 44803 Bochum, Germany 
Important information: 
This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares in Deutsche Wohnen. The 
terms and conditions of the takeover offer, as well as further provisions concerning the takeover offer, are published 
in the offer document which publication has been permitted by the German Federal Financial Supervisory Authority 
(Bundesanstalt für Finanzdienstleistungsaufsicht). Investors and holders of shares in Deutsche Wohnen are strongly 
advised to read the offer document and all other documents regarding the takeover offer, as they contain important 
information. 
The offer relates to shares in a German company and is subject to the statutory provisions of the Federal Republic of 
Germany governing the conduct of such an offer. Deutsche Wohnen shareholders who are residents of the United States 
should note that the tender offer is being made with respect to securities of a company that is a foreign private 
issuer within the meaning of Rule 3b-4 under the Securities Exchange Act of 1934 as amended (the "Exchange Act"), and 
whose shares are not registered under Section 12 of the Exchange Act. 
With respect to Deutsche Wohnen shareholders in the United States the tender offer is being made on the basis of the 
so-called "Tier II" exemption. This "Tier II" exemption allows a Bidder to comply with certain material and procedural 
requirements of the Exchange Act applicable to tender offers by complying with the law or practice of its home 
jurisdiction and exempts the Bidder from compliance with certain other requirements. As a result, the tender offer is 
principally subject to disclosure requirements and other procedural requirements (e.g. with respect to withdrawal 
rights, acceptance period, settlement, and timing of payments) of the Federal Republic of Germany, which differ not 
insignificantly from the corresponding U.S. laws. 
The Bidder and its affiliates or brokers (acting as agents of the Bidder or its affiliates, if any) may, to the extent 
permitted by applicable laws or regulations, directly or indirectly acquire shares in Deutsche Wohnen or enter into 
agreements to acquire shares outside of the public tender offer before, during or after the term of the offer. This 
also applies to other securities convertible into, exchangeable for or exercisable for shares of Deutsche Wohnen. These 
purchases may be concluded via the stock exchange at market prices or outside the stock exchange on negotiated terms. 
If such purchases or agreements to purchase are made, they will be made outside the United States and will comply with 
applicable law, including, to the extent applicable, the Exchange Act. All information regarding such purchases will be 
disclosed in accordance with the laws or regulations applicable in Germany or any other relevant jurisdiction and on 
the website of the Bidder at https://en.vonovia-st.de/. To the extent that information on such purchases or purchase 
agreements is published in Germany, such information shall also be deemed to be publicly disclosed in the United 
States. In addition, the financial advisors of the Bidder may also act in the ordinary course of trading in securities 
of the Company, which may include purchases or agreements to purchase such securities. 
Shareholders of Deutsche Wohnen, domiciled or habitually resident in the United States ("U.S. Shareholders") may face 
difficulties in enforcing their rights and claims under U.S. federal securities laws because both Deutsche Wohnen and 
Vonovia are domiciled outside the United States and all of their respective directors and officers are domiciled 
outside the United States. U.S. shareholders may not be able to sue a company incorporated outside the United States or 
its directors and officers in a court outside the United States for violations of U.S. securities laws. Furthermore, 
difficulties may arise in enforcing judgments of a U.S. court against a company with its registered office outside the 
United States. 
The receipt of cash pursuant to the Offer by a U.S. Shareholders may be a taxable transaction for U.S. federal income 
tax purposes and under applicable state and local, as well as foreign and other tax laws. Each holder of Deutsche 
Wohnen shares is urged to consult their independent professional advisor immediately regarding the tax consequences of 
the acceptance of the offer. Neither Vonovia nor the persons acting jointly with Vonovia within the meaning of Section 
2 para. 5 WpÜG nor its or their respective directors, officers or employees assume any responsibility for any tax 
consequences or liabilities resulting from an acceptance of the offer. 
To the extent that this document contains forward-looking statements, they are not statements of fact and are 
identified by the words "expect", "believe", "estimate", "intend", "aim", "assume" and similar expressions. Such 
statements express the intentions, opinions or current expectations of Vonovia SE. Such forward-looking statements are 
based on current plans, estimates and forecasts, which Vonovia SE has made to the best of its knowledge, but do not

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