An unprecedented bidding war has erupted over German lighting group Osram , with...
FILE PHOTO: The logo of German lighting manufacturer Osram is illuminated at the company's headquarters in Munich, Germany, September 16, 2019. REUTERS/Andreas GebertAMS had itself surpassed a 4 billion euro offer that Bain had made, that time in combination with Carlyle Group. Bain turned to Advent as Carlyle did not want to put any more cash on the table, people close to the matter have said.
Then AMS entered the fray, first announcing then launching a higher offer pitched at 38.50 euros per share. The German group was not enthusiastic initially, since the much smaller company said it would sell certain divisions and cut jobs if successful.However, the “financial attractiveness” of AMS’s bid led Osram to advise its shareholders to sell its stock to the Austrian group.
There is also not enough time left for it to enter the race as part of a new bidding consortium, as the German watchdog needs to be given two weeks to approve a new offer. If neither Bain & Carlyle nor AMS reached the necessary threshold to buy Osram, everything could start from scratch.
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