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