Future of osram open after failed ams takeover
After the failure of the takeover bid by AMS for the munich-based lighting and sensor technology group osram, the battle for the company becomes a test of patience.
"We’ve invited them to talk and we’ll have to see what the result will be," osram chief financial officer ingo bank said of austrian sensor maker AMS to the CNBC channel on monday. AMS now holds 19.99 percent in osram. Initially, there was no response from the austrian company to the offer to speak.
AMS had failed to reach its self-imposed goal of controlling 62.5 percent of osram by last friday. AMS’s offer was apparently not high enough, as shareholders did not take it up, bank said in the interview. The investors bain and advent, who have also announced a bid, are still busy with the examination of the books, he said. This will be completed in a few weeks. "But it’s not clear at the moment whether they will make a binding offer," said bank.
Analyst stefan maichl of landesbank baden-wurttemberg believes it is likely that AMS will continue to buy via the stock exchange. "There may also be a new offer from the investors bain and advent," maichl told the german press agency. "But it would have to be very attractive for AMS to give up its nearly 20 percent stake in osram again."Without the 19.99 percent that AMS holds in osram, it is hardly possible to achieve the 70 percent originally targeted by bain, says the analyst.
Osram’s management board and supervisory board had supported AMS’s takeover bid in the past, but with so many reservations that many interpreted this as a hidden "no". Initially, there was no response from AMS to the offer of consultation by osram.
For the current share in osram alone, the already highly indebted AMS may have spent around 800 million euros. In the event of a further acquisition via the stock exchange, the company had to submit another bid to take over osram if it held a stake of 30 percent or more. If this happens in the next six months, at least the 41 euros of the failed takeover bid had to be offered.
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