Tag Archive | "Osram"

OSRAM ADVISE SHAREHOLDERS TO ACCEPT AMS BID

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OSRAM ADVISE SHAREHOLDERS TO ACCEPT AMS BID


OE manufacturer Osram has advised shareholders to accept a deal offered by Austrian semiconductor firm AMS.

The offer of €38.50 per share is greater than an earlier offer made by P.E firms Bain Capital and Carlisle, plus Osram’s board believes that AMS’ experience with microchip development will benefit the company in the future.

READ: NEW €4bn+ BID FOR OSRAM

However, not everyone is convinced. One of Germany’s largest trade unions had already rejected the bid and in a joint reasoned statement, Osram’s board has raised concerns over where the new company will be based and be structured.

READ: OSRAM LATEST: WORKERS UNION REJECTS AMS BID

Osram recommends shareholders accept takeover bid

Taking the view that ‘The financial attractiveness of the offer was to be weighted higher than points of criticism’. Osram has recommended that the offer be accepted.  “Overall, the Management Board and the majority of the Supervisory Board regard the strategy pursued by ams as promising in many respects, particularly with regard to the further development of the Opto Semiconductors business unit. By merging with AMS, this business unit could benefit from the development of innovative sensor and photonics solutions, and the use of established customer access, among other things” the company said in a statement.

 

 

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OSRAM LATEST: WORKERS UNION REJECTS AMS BID

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OSRAM LATEST: WORKERS UNION REJECTS AMS BID


German workers’ union IG Metall has rejected the recent €4.3 billion euro takeover offer by sensor firm AMS for lighting company Osram, according to a report by Reuters.

A spokeswoman reportedly said that ‘the strategy behind AMS’s offer is still not convincing.’

The rejection comes after Osram reported AMS’s €38.50 per-share offer on August 12th and stated that ‘the financing concept presented appears binding and viable.’ Osram confirmed it was in talks with AMS shortly after.

It is not the first time that IG Metall – which has more than 2.2 million members – has voiced opposition to the deal. On 24th July IG Metall released a statement opposing a ‘potential takeover of Osram by AMS’*, suggesting that the offer has been in talks for some time. At the time, IG Metall stated that ‘the necessary financing is absolutely irresponsible’* and ‘there are signs that the AMS offer will break up and massively downsize the company to create ‘synergies’. That is not acceptable to us.’*

OSRAM HQ

IG Metall’s rejection is the latest development in bids to acquire Osram. In early July, Osram received a public takeover offer from private equity firms Bain Capital and The Carlyle Group for €35 per share – approximately €4 billion in enterprise value.

*quotes indirect – translated by Google

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NEW €4bn+ BID FOR OSRAM

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NEW €4bn+ BID FOR OSRAM


German lighting manufacturer Osram has announced that it is in negotiations with Austrian sensor and semiconductor firm AMS AG following a takeover offer by the latter. 

The takeover would see ams acquire all outstanding Osram shares. AMS is understood to have offered a price of 38.50 euros per Osram share, which Osram estimates is equal to around 4.3 billion euros in enterprise value. 

In a statement issued on 14th August, Osram claimed to have been in talks with AMS since the previous day and would ‘continue to do so’. Regarding acceptance of the offer, Osram said it viewed ams AG’s financing concept – which involves bridge financing of 4.2 billion euros by investment banks HSBC and UBS – as ‘viable’. 

READ: Bain Capital and Carlyle bid €4bn for Osram

“In addition to the offer price and financing concept, a stable environment is important for Osram’s further transformation into a semiconductor-based high-tech photonics company,” Osram said. “Moreover, it is greatly important to Osram’s Man-

Osram HQ

-aging Board that all key stakeholders are appropriately protected, in particular the company’s employees and the essential parts of the company.” 

READ: Osram completes Ring Automotive acquisition

It is the second takeover offer for Osram in as many months. Private equity firms Bain Capital and The Carlyle Group made a similar offer for the public takeover of all Osram shares – albeit for a slightly lower share price of 35 euros per shares – in early July. Under the offer – which is still ongoing – Osram said it would retain its name and rights to all patents. At the time, Olaf Berlien, CEO of Osram, said: “Bain and Carlyle are the right partners for Osram at the right time.” 

Talks are ongoing. 

 

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OSRAM IN €4bn TAKEOVER BID

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OSRAM IN €4bn TAKEOVER BID


Private investment firms Bain Capital and The Carlyle Group have teamed up to make a bid for lighting technology firm Osram at an offer price of €35 Euros per share.

The voluntary public takeover offer – meaning that the two buyers will acquire all shares in Osram – follows several months of discussions and values Osram at around €4 billion in enterprise value. The Bain and Carlyle share price offer is around 21 percent above the closing price of Osram’s shares before the offer was announced on July 3rd. 

Osram management are understood to be supporting the offer, and are expected to recommend that shareholders accept it. Olaf Berlien, CEO of Osram, said: “Bain and Carlyle are the right partners for Osram at the right time.” 

Private Equity bid recommended for Osram

According to an Osram statement, Bain and Carlyle ‘are making extensive commitments with regard to employees and locations,’ and confirmed existing labor agreements and existing pension plans ‘will remain unchanged’. Osram also expects to retain its patents and corporate headquarters in Munich. The firm is also expected to continue operating under its current name after the takeover.

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OSRAM COMPLETES RING AUTOMOTIVE ACQUISITION

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OSRAM COMPLETES RING AUTOMOTIVE ACQUISITION


Ring Automotive HQ

Lighting manufacturer Osram has completed on the deal to acquire Ring Automotive, following clearance by the Competition and Markets Authority.

The proposed buyout was announced earlier this year, although details of the transaction have not been disclosed. Ring Automotive was previously owned by industrial investment firm Rubicon Partners.

George Skalski, Managing Director of Ring Automotive said of the deal:  “Being part of the Osram family offers us incredible opportunities for further global expansion. The synergies are enormous and will help us to continue our innovation leadership together. In the future, our customers will benefit from the many years of experience of both companies”.

“In addition to expanding our aftermarket portfolio, the acquisition of Ring will enable us to tap into additional sales potential and further expand our market expertise. The aim is to use the additional market and customer access and create synergies in the product portfolio and distribution channels,” said Hans-Joachim Schwabe, CEO of Osram Automotive.

 

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CONSOLIDATION: OSRAM TO ACQUIRE RING AUTOMOTIVE

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CONSOLIDATION: OSRAM TO ACQUIRE RING AUTOMOTIVE


Lighting manufacturer Osram has agreed to acquire aftermarket brand Ring Automotive. Terms of the deal have not been disclosed and it is still subject to the usual approvals.

In a statement, both businesses feel that this combination will be ‘mutually beneficial’ and will result in many opportunities to complement each other’s offering to the automotive aftermarket.

George Skalski, Managing Director of Ring Automotive said, “We look forward to working alongside Osram and believe that the transaction is very positive news for all of our colleagues and customers. The acquisition secures continued investment in the business, which will support our future growth plans and our leading-edge product innovation.”

 

Deal is ‘mutually beneficial’

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