Global sensor supplier ams will launch a new all-cash takeover offer for OSRAM at €41 per share, two months after its initial takeover bid for the optical solutions supplier failed to get enough support.
In the earlier takeover bid, the minimum shareholder acceptance threshold was set at 62.5%, which was not met. The threshold has been lowered to 55% in the new takeover bid.
"We are pleased to announce the launch of the new takeover offer to acquire OSRAM, delivering on our stated intention," said Alexander Everke, CEO of ams, in a statement. "We are convinced that our Offer will be successful as it provides a highly attractive, fully valued price at a straightforward acceptance threshold. As the pre-eminent OSRAM shareholder at 19.99%, we are furthermore convinced that this Offer is the best available option for OSRAM’s shareholders."
ams desperately wants to add OSRAM to its portfolio. It wants to become a global leader in sensor solutions and photonics with approximately EUR 5 billion of revenue. The acquisition would help ams develop breakthrough optical solutions, help diversify its revenue mix, enhance its manufacturing footprint with clear scale and cost advantages, and leverage the complementary market strengths of both companies.
The financing of the offer has been secured through a EUR 4.4 billion bridge facility fully underwritten by HSBC, UBS and BAML, which will be refinanced through a combination of equity and debt issuances.