Published February 16, 2015 4:37am EST | Updated May 21, 2015 1:29pm EDT

Conwert Immobilien Shares Climb After $1.1 Billion Takeover Offer

Shares of Conwert Immobilien Invest SE climbed 8% Monday after Germany's Deutsche Wohnen AG said it's planning a takeover of the Austrian real-estate company in a deal that could be worth 1 billion euros ($1.14 billion). Deutsche Wohnen in a statement said it plans to pay a tender price of €11.50 in cash for each Conwert share, which Deutsche Wohnen said represents about a 21.5% premium over the volume-weighted average price over the past six months. Deutsche Wohnen shares slipped 0.3% on Monday.