The Offer in brief
# HomeStar offers SEK 215 in cash per B-share in Hembla, which is the highest price that HomeStar has paid for any shares acquired in Hembla. The Offer values all outstanding shares in Hembla to approximately SEK 19.979 billion. 
# The price in the Offer represents a premium of approximately:
# 11.5 percent compared to the closing price for Hembla's B-shares on Nasdaq Stockholm on 20 September 2019 (the last day of trading prior to the announcement of Vonovia's agreed acquisition of approximately 69.30 percent of the voting rights and approximately 61.19 percent of the share capital in Hembla from Blackstone ), of SEK 192.80;
# 15.6 percent compared to the volume weighted average share price for Hembla's B shares on Nasdaq Stockholm over the last three months which ended on 20 September 2019, of SEK 186.02;
# 17.6 percent compared to the volume weighted average share price for Hembla's B shares on Nasdaq Stockholm over the last six months which ended on 20 September 2019, of SEK 182.75;
# -0.5 percent compared to the closing price for Hembla's B-shares on Nasdaq Stockholm on 6 November 2019 (the last day of trading prior to the announcement of the Offer), of SEK 216.00; and
# 16.6 percent compared to Hembla's EPRA NAV (long term net asset value) per share of SEK 184.41 as of 30 September 2019 and 18.6 percent compared to Hembla's EPRA NAV per share of SEK 181.25 as of 30 June 2019 (the last available EPRA NAV before the announcement of Vonovia's agreed acquisition of approximately 69.30 percent of the voting rights and approximately 61.19 percent of the share capital in Hembla from Blackstone).
# The price in the Offer will not be increased. By this statement, HomeStar cannot increase the price in the Offer in accordance with Nasdaq Stockholm's takeover rules (the "Takeover Rules").
# HomeStar holds shares in Hembla corresponding to approximately 71.69 percent of the total number of voting rights and approximately 64.21 percent of the share capital in Hembla.
# There are no conditions for completion of the Offer.
# The acceptance period for the Offer is expected to commence on 11 November 2019 and end on 9 December 2019. Settlement under the Offer is expected to commence around 16 December 2019.
# The Offer is fully financed through Vonovia's cash resources and existing credit facilities.
# Hembla has issued warrants as part of its employee incentive programs. The Offer does not include these warrants. HomeStar will, in accordance with the Takeover Rules, offer the holders of warrants a fair treatment in connection with the Offer.
"We offer all shareholders a full and final price at an attractive premium. As shown with Victoria Park, we understand how to create benefits out of a larger numbers of flats and will start implementing our strategy. Managing our portfolio in a socially responsible way that puts tenant satisfaction in the center of our business activities has also proven to be an attractive investment for our shareholders", says Rolf Buch, CEO of Vonovia.
Hembla's CEO Svein Erik Lilleland says: "Hembla's vision is to create vibrant communities with a strong focus on the tenants. This translates into a strategy well in line with Vonovia's long-term commitment to deliver high quality living standards for tenants. I am convinced that we will be able to strengthen our long-term focus even further with Vonovia onboard. Over the past years, Vonovia has demonstrated a strong track record of creating benefits for both tenants and shareholders while becoming Europe's leading residential real estate company. We look forward to working together with Vonovia to continue along a successful path together."