Sensing trouble

27 September 2019 By Ed Cropley Follow @edwardcropley

Austrian sensor specialist AMS is upping its bid for the German bulb and LED maker to 4 bln euros. The 17% premium to a formal Bain-Carlyle offer will probably see off the private equity challengers. But it adds another turn to the deal’s already stretched finances.

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Austrian sensor maker AMS raised its takeover offer for Osram on Sept. 27 to 41 euros per share from 38.50 euros, valuing the German lighting firm’s equity at nearly 4 billion euros.

Osram said on Sept. 25 that buyout group Bain Capital had swapped private equity partners by teaming up with Advent International to prepare a bid that would "meaningfully" trump AMS’s original offer, which was valid until Oct. 1.

Osram’s board had recommended the original AMS bid but said a lower offer of 35 euros a share from Bain and rival buyout group Carlyle, which also expires on Oct. 1, was more "viable".

Shares in Osram rose 4.5% to just under 41 euros on Sept. 27. Shares in Zurich-listed AMS fell 2.8%.

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