Osram announced the financial results of fiscal 3Q19 which marked “no signs of business revival” for the company. The quarterly revenue dropped by 14.9% YoY to EUR 850 million (US$ 948.28 million). Its EBITA fell by 66.2% YoY with EUR 42 million (US$ 46.86 million). EBITDA adjusted for special items was EUR 58 million (US$ 64.72 million), which was down by 58% compared to previous year’s figure; net income amounted to minus EUR 35 million (US$ 39 million).

All three business segment of Osram, Opto Semiconductors, Automotive and Digital, reported business decline. Osram’s business performance was still impacted by the continuously tepid global automobile markets. Therefore, the company reaffirmed its adjusted annual forecast revealed in March.

The German company also reported that the Supervisory Board and the Managing Board recommend that the shareholders of Osram to accept the takeover offer from the Bain Capital and the Carlyle Group. Olaf Berlien, CEO of OSRAM, said, “The offer is attractive for the company, its employees and its shareholders. With their financial strength, Bain and Carlyle will support the ongoing transformation and enable strategically important decisions to be made.” Osram shareholders have until September 5, 2019, to accept the offer.