Vonovia SE, fighting to win control of German landlord Deutsche Wohnen AG with a 8.6 billion-euro ($9.4 billion) hostile bid, secured 27.7 percent of its rival a week before the deadline.

That includes Vonovia’s stake of about 5 percent and acceptances from convertible bondholders representing 5.3 percent of Deutsche Wohnen stock, Vonovia said on its website on Tuesday. On Jan. 29, Deutsche Wohnen said it reserved the right to settle the convertible bonds in cash, meaning the holders won’t necessarily have any shares to tender.

Vonovia will continue to include convertible bondholders’ tender commitments in its tally ahead of the Feb. 9 deadline, spokeswoman Nina Henckel said by e-mail. Most convertible bondholders -- which Vonovia’s says represent almost 12 percent of Deutsche Wohnen stock -- have told Vonovia they’ll participate in the deal, Henckel said.

The low level of acceptances, combined with Vonovia’s decision to count convertible bondholders even though they may ultimately not receive shares, suggests that the takeover will probably fail, said Peter Papadakos, an analyst at Green Street Advisors in London. "It seems to me the deal is dead," he said.

Vonovia needs acceptances from investors representing about 50 percent of Deutsche Wohnen shares for the bid to succeed.

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