ams' offer is officially on the table - acceptance period starts now

The offer document has been approved by the German Federal Financial Supervisory Authority BaFin. OSRAM shareholders are now able to tender their shares into the offer at EUR 38.50 until the acceptance period expires on 1 October 2019. In case the 70% acceptance threshold is not reached and the offer fails, ams believes that the stock exchange price for OSRAM shares could show a significant decline. Shareholders, who already have decided to tender into the lower offer – of EUR 35.00 per share – from Bain Capital and The Carlyle Group, can secure the premium of EUR 3.50 per share offered by ams by withdrawing and retendering their OSRAM shares into the Offer, the Austrian company states in a press release. ams and OSRAM also entered into a cooperation agreement on 21 August 2019, including agreeing on a comprehensive set of covenants aimed at protecting the employees and production facilities of OSRAM in Germany. “Our Offer and the combination of OSRAM and ams represents a better option to all stakeholders than the private equity proposal,” says Alexander Everke, CEO of ams‎, in the press release. “We intend to leverage OSRAM’s strong position in optical semiconductors and automotive and create a global leader in sensor solutions and photonics. We are prepared for the integration of both companies, drawing on our in-depth understanding of the industry, due diligence and successful M&A track record. Our strategic vision is to create a technology leader enabling profitable growth in the long-term interest of our combined employee, customer and shareholder base,” Everke continues.