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© ams Business | October 21, 2019

ams is not backing down – launches new offer for Osram

The Austrian sensor manufacturer says that it intends to launch a new all-cash takeover offer for Osram Licht for EUR 41.00 per share.

As pointed out by ams in a press release, the Austrian company is the largest shareholder in Osram with a direct shareholding of 19.99%; which the company will not exceed outside of the offer. As a result of its shareholder position, ams has lowered the minimum acceptance threshold to 55%. “We are pleased to announce the launch of the new takeover offer to acquire OSRAM, delivering on our stated intention,” says Alexander Everke, CEO of ams, in the release detailing the offer. "We are convinced that our Offer will be successful as it provides a highly attractive, fully valued price at a straightforward acceptance threshold. As the pre-eminent OSRAM shareholder at 19.99%, we are furthermore convinced that this Offer is the best available option for OSRAM’s shareholders. The strategic rationale of creating a global leader in sensor solutions and photonics, with strong European roots, is unchanged and offers a compelling opportunity for OSRAM, ams and our shareholders.” In its new offer, ams values Osram at an enterprise value of EUR 4.6 billion. Subject to approval by BaFin, ams intends to start the four week offer period for the offer by the end of October. Osram has made an official statement saying that its managing board and supervisory board will examine the offer carefully and submit a reasoned opinion. “Over the past few days, we have had constructive discussions with ams about the conditions for a new takeover bid. The Managing Board welcomes the progress made so far and is confident that both sides can agree on a future-oriented strategic concept," says Olaf Berlien, CEO of Osram, in a press release from the company. At the beginning of October, ams' first offer failed to reach the minimum acceptance threshold of 62.5%. Subsequently, the Osram Executive Board invited the ams top management to explore possibilities for cooperation within the legal boundaries. Meanwhile, Advent and Bain Capital have said that they will abstain from a takeover offer at this time, but will follow the further development closely.
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November 12 2019 7:31 am V14.7.10-2