Hoping its latest offer will convince investors with a lower acceptance rate and concessions to the German lighting group’s management and trade unions, AMS is launching a renewed US$5bn takeover bid for Osram.
The Austrian sensor maker failed with a first offer at the same price of €41 per Osram share last month. AMS collected 51.6% of shares, including its own nearly 20% stake, short of the required 62.5%. Some investors had hoped for a higher offer from private equity firm Bain Capital and Advent, which they had signalled but then did not proceed with after AMS’s failure.
AMS has provide a business combination agreement with Osram before launching the new bid as had been planned. But AMS says that talks aiming at enhancing “the cooperation between the two companies and expand on Osram’s existing photonics strategy” continue.
The offer document says that AMS is ready to apply an employment protection scheme until end-2022 on the sites in Germany, the offer document says.