(Bloomberg) -- Vonovia SE’s roughly 19 billion-euro ($22 billion) offer for rival Deutsche Wohnen SE collapsed after failing to secure enough shareholder backing.

Germany’s largest residential real estate firm said on Monday that it didn’t reach the minimum 50% acceptance threshold required for its offer to be successful.

The statement confirms what appeared increasing likely after Vonovia on Friday said it was unlikely to reach its target. The deal would have combined Germany’s two largest residential landlords into an entity controlling more than 500,000 apartments and further consolidated the power of large property owners -- an issue that has inflamed activists, especially in Berlin.

Investors in Deutsche Wohnen had a deadline of Wednesday midnight to tender their shares for what would have been the year’s biggest European takeover and the largest ever in the region’s real estate sector.

Vonovia shares fell as much as 2.3% to 56.30 euros, while Deutsche Wohnen gained as much as 1.1%.

Vonovia on Friday said it will carefully consider all options, including the sale of its holding or a new offer.

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