German real estate company Vonovia announced increasing the value of its offer to acquire its rival Deutsche Funen to about 19.19
billion euros (22.7 billion dollars) in order to encourage more Deutsche Funen shareholders to accept the takeover offer, after the previous offer failed to obtain the majority acceptance required to complete the deal.
The merger deal is expected to be completed by the end of August.2021 Vonovia had announced last week a voluntary takeover offer for all of Deutsche Funen's shares.
Vonovia said in a statement on Sunday evening that it agreed to increase the purchase price to 53 euros per Funen share after failing to obtain majority shareholder approval for its previous offer of 52 euros in cash per share.Bloomberg News reported that Vonovia believes that increasing the offer price by one euro per share will be enough to convince more than 50% shareholders to accept the offer.

Last month, Germany's antitrust office approved the merger between Vonovia and Deutsche Funen.
Based in Bochum, North Rhine-Westphalia, Vonovia currently has about 400,000 apartments in Germany, Sweden and Austria, making it an important market player in these countries, while Deutsche Fonen is listed on the DAX index of the 30 largest companies on the Frankfurt Stock Exchange.

Deutsche Fonen is listed on the Frankfurt Stock Exchange's DAX index.