Austria’s AMS ups takeover offer for German lighting group Osram

0
3


FILE PHOTO: The logo of German lighting manufacturer Osram is illuminated at the company’s headquarters in Munich, Germany, September 16, 2019. REUTERS/Andreas Gebert

VIENNA (Reuters) – Austrian sensor maker AMS (AMS.S) has increased its takeover offer for German lighting group Osram (OSRn.DE) to 41.00 euros per share from 38.50 euros, heating up a bidding war over Osram.

Osram said on Wednesday Bain and its new partner Advent were prepared to make a bid and would offer a price “meaningfully” above AMS’s bid, which at the time was for 38.50 euros a share, or 4.3 billion euros ($4.7 billion).

“All other terms and conditions of the best and final offer remain unchanged,” AMS said in its statement on Friday announcing the increase in its all-cash offer, which it said still expires on Oct. 1.

Shares in Osram were up 3.1% at 39.90 euros while Zurich-listed AMS was down 7.5% after they resumed trading at 1010 GMT.

“We have provided comprehensive commitments aimed at safeguarding employees and production facilities of Osram in Germany and have carefully planned the successful integration of both companies,” AMS said.

“We offer a superior proposal to all stakeholders, including the Osram employees, given our strategic vision, higher growth, better cash flows and lower cost of capital,” it added.

Reporting by Thomas Seythal and Francois Murphy; editing by Tassilo Hummel and Emelia Sithole-Matarise



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here