As the transfer poker around Osram goes into the next round


IThere is a turnaround in Oserm's lighting technology group Osram. The Austrian AMS, a manufacturer of sensors, is again submitting a proposal for a takeover bid of EUR 38.50 per share, or around EUR 4.3 billion, to convert the merged companies into one global "leading provider of sensor solutions and photonics" to create, as the company announced late Sunday evening in a mandatory release.

Already about three weeks ago, the Austrians tried to disrupt the takeover process with a hinted offer by announcing an offer of € 38.50. At the time, however, the offer was quickly withdrawn and, with a view to financing, was considered untrustworthy. At that time, it was argued that AMS did not see an "adequate basis" for a continuation of the talks.

As can be seen from the compulsory release from Sunday, AMS outbid the offer of € 38.50 per share, which was agreed with the Osram Board of directors Bain Capital and Carlyle, by 10 percent. A spokesman for Bain Capital and Carlyle initially refused to comment on the rivalry offer. An Osram spokesman said late on Sunday evening: "We have taken note of the announcement, but we have nothing to do before." Therefore, the Group can not comment on this initially.

According to the information provided by the Austrian AMS, bridge financing of 4.3 billion euros was agreed by the investment banks HSBC and UBS, which was then partly supported by a capital increase of 1.5 billion euros was to be replaced, it was said. AMS intends to have this capital measure approved in an extraordinary general meeting in the fourth quarter. The offer would be subject to a minimum acceptance threshold of 70 percent of the shareholders. AMS expects to complete the transaction in the first half of next year.

That should interest the investors. Only last Thursday, the stock market had responded strongly to the message that Allianz Global Investors (AGI) as the largest single shareholder of the lighting technology group rejects the takeover offer of 35 euros per share of financial investors Bain Capital and Carlyle as too low. The institutional investor belonging to the Allianz Group announced last Wednesday that he was "currently not willing to accept the offer, contrary to the recommendation of the Management Board and the Supervisory Board of Osram". AGI holds a 9.4 percent package and has been a major shareholder since the Osram initial public offering in July 2013. The voluntary takeover bid by Bain Capital and Carlyle, which Osram valued at € 3.4 billion, started on July 22 and runs until September 5.

Osram (t) AMS (t) Bain Capital (t) F.A.Z. (t) Takeover Poker (t) Lighting Technology Group (t) Austria


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