Bain, Advent to Bid for Osram as Takeover Battle Escalates - Energy Watch News

Bain, Advent to Bid for Osram as Takeover Battle Escalates

Bain Capital and Advent International are preparing a fresh offer for German lighting maker Osram Licht AG, ratcheting up a bidding war with Austrian sensor maker AMS AG. The two buyout firms will spend the coming weeks conducting due diligence, before deciding on a binding proposal, Osram said in a statement on Wednesday, confirming an earlier report by Bloomberg News. The offer will “meaningfully” exceed AMS’s 38.50 euros-a-share bid worth 3.7 billion euros ($4.1 billion), it added. Bain’s pursuit of Osram has fresh momentum after the firm teamed up with Advent as a replacement for earlier partner Carlyle Group, which backed away. The private equity firms will need to snatch the initiative away from AMS, which trumped an earlier offer and won the support of Osram’s board. The door is open to a come back. Management of the German lighting maker expressed some reservations about AMS’s proposal and Osram’s workforce had come out in favor of Bain and Carlyle. Today’s indicative offer played to union’s concerns.

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