AMS fails to complete $4.9 bn takeover of Osram

VIENNA: Austria’s AMS said it had failed to reach a required threshold for completing a takeover of Osram but was still exploring strategic options to pursue the acquisition of the German lighting group.
The sensor specialist managed to collect 51.6 per cent of Osram shares, which includes its own near 20 per cent stake, instead of the required 62.5 per cent level, it said on Friday.
“The strategic logic and the significant advantages of combining AMS and Osram are unchanged,” AMS Chief Executive Alexander Everke said, adding he still wanted to create a global leader in sensor solutions and photonics.
“We intend to leverage our position as Osram’s largest shareholder in a dialog with Osram as we continue to pursue the full acquisition of the company.”
AMS had fought a fierce takeover battle for the leader in automotive lighting with private equity groups.
It upped its initial bid to 4.5 billion euros ($4.9 billion) last Friday, days before the acceptance period expired, to defy the entry of a new bidding consortium of Bain Capital and Advent. — Reuters