AMS Succeeds in Osram Buyout with Second Bid

Austrian sensor company AMS has successfully takeover Osram with its EUR 4.6 billion (US$5.9 billion) bid in the second attempt by achieving the acceptance threshold of 55% of share. Both AMS and Osram published the final result on December 6, 2019.

AMS first offered Osram a bid at EUR 38.5 per share (US$ 42.6) in July, 2019 and raised the price to EUR 41 per share later in October to compete with other bidder. However, the first takeover failed as AMS did not achieve the minimum acceptance threshold of 62.5%.

The sensor specialist soon launched new offer with the same bidding price but a lower minimum acceptance rate of 55%. Osram has called for its shareholder to accept the new offer in November before the due time on December 5, 2019.

Finally, AMS announced that it has achieved the acceptance threshold of 55% for its all-cash takeover offer for Osram and noted that the period in which acceptances can continue to be booked into the Offer continues until 9 December, 2019.

At the same time, Osram reported that the successful takeover offer from AMS will enable the two company to “create a world class photonics and sensor champion together.”

On the employment issues concerned by Osram, AMS has made extensive commitments for Osram’s employees and production facilities, particularly in Germany, in the Business Combination Agreement. Merger-related layoffs, for example, have been ruled out until the end of 2022.

Osram also stated in the statement that the merger is still subject to antitrust and foreign trade approvals. Compliance with these regulatory steps and legal approvals as well as organizational coordination are expected to take until summer 2020. In the second half of 2020, the necessary steps could then be taken to merge the two groups.

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