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.”
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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