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Osram says negotiations with ams are constructive
Osram says that it has held constructive discussions on a Business Combination Agreement and on other topics with ams since Tuesday and will continue to do so.
Both parties will continue to carefully assess the details of such an agreement, which is a prerequisite for a takeover by ams. The common goal is that ams will be able to start its tender period during the offer period of the existing takeover offer from the financial investors Bain Capital and The Carlyle Group, thus before the end of September 5, 2019. Last Sunday, ams AG submitted a proposal to Osram for a takeover offer of EUR 38.50 per share for all outstanding shares in OSRAM Licht AG. The offer is subject to the condition that Osram waives an existing standstill agreement which currently prohibits ams to acquire Osram shares. The agreement had been concluded when the Austrian sensor and chip specialist gained access to Osram's books after it had expressed its takeover interest. In addition to the offer price and financing concept, a stable environment is important for Osram's further transformation into a semiconductor-based high-tech photonics company. Moreover, it is greatly important to Osram’s Managing Board that all key stakeholders are appropriately protected, in particular the company's employees and the essential parts of the company. Osram and ams are therefore currently negotiating a business combination agreement, which will ensure this. Osram's Managing Board and Supervisory Board will review the Business Combination Agreement currently being negotiated in the near term and then decide whether to waive the standstill agreement.
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