Osram announced that its Managing Board and Supervisory Board have waived the existing standstill agreement with AMS and signed a cooperation agreement. This clears the way for a voluntary public takeover offer by AMS. The offer, which is expected to be valid until the beginning of October, amounts to EUR 38.50 (US$ 42.70 ) in cash per share, with a minimum acceptance level of 70 percent.

Olaf Berlien, CEO of OSRAM, commented, “Our shareholders now have two offers on the table, allowing them to choose between the different business concepts.”

AMS has noted in previous announcement that it might sell the digital division of Osram as it was identified as “non-core.” Osram thus addressed the importance for the takeover plan to guarantee the interests of employees. As a result, the cooperation agreement with AMS provides commitments for employees and essential parts of the company. AMS has also committed to maintaining existing collective agreements, works agreements and similar arrangements. Existing pension plans shall also be fully retained. Munich would become co-headquarters, with global central functions. Osram would continue to operate under its current name and exist as a brand following the takeover.

“We are pleased to launch the takeover offer which will enable the compelling combination of AMS and OSRAM. Our strategy is built around growth for which a highly qualified workforce and a long-term commitment to Germany are essential. We look forward to leveraging the expertise and experience of OSRAM’s employees in all areas,” said Alexander Everke, CEO of AMS.