I meant that if the JV by-laws could be changed allowing Vonovia to be the majority shareholder, then it’s possible for Vonovia to transfer its remaining 66.84% direct stake in Dt.Wohnen to JV without selling to Apollo. Vonovia will then own 76.56% stake in Dt.Wohnen indirectly (via the JV) while Apollo will have 10.11%. Additionally, Vonovia will have 88% stake in the JV while Apollo will have 12%. The JV will only need to acquire 9% of the shares held by Dt. Wohnen minority shareholders to initiate the squeeze-out of the remaining shareholders. An example of a JV that initiated squeeze-out in the past is Daimler-Rolls-Royce JV. In 2011, Daimler and Rolls-Royce announced that they will form a JV that will acquire 100% of the share capital of Tognum AG. Daimler had 28% stake in Tognum by then. In 2012, the JV squeezed-out the minority shareholders of Tognum.
I have considered various scenarios such as the price paid by Apollo, trajectory of adjusted EBT per share, possibility of using NAV as a valuation method, and synergies that comes with full control of Dt. Wohnen. I arrived at a weighted exchange ratio of 1.24 or an offer price of 25.67€.
Given the offer price estimate, I think I would reduce the position by around 50%.