Osram: boards back Bain and Carlyle takeover bid
(CercleFinance.com) - Osram's managing and supervisory boards have backed a takeover offer from private equity firms Bain Capital and Carlyle, saying that the bid has been made at an "attractive premium.
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As part of the deal, shareholders will be offered 35 euros per share in cash, representing a premium of roughly 21% above the last closing price before Osram's statement was released regarding the approach by Bain and Carlyle.
The offer values Osram at an equity value of 3.4 billion euros and an enterprise value of roughly 4 billion euros, the company said.
The German lighting group said Bain and Carlyle support its current strategy, with both investors behind all ongoing projects, acquisitions and new product developments.
The offer period is expected to end at the beginning of September. Bain and Carlyle have fixed a minimum acceptance threshold of 70%.
The Osram share is trading up 0.6% at 33.2 euros this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
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As part of the deal, shareholders will be offered 35 euros per share in cash, representing a premium of roughly 21% above the last closing price before Osram's statement was released regarding the approach by Bain and Carlyle.
The offer values Osram at an equity value of 3.4 billion euros and an enterprise value of roughly 4 billion euros, the company said.
The German lighting group said Bain and Carlyle support its current strategy, with both investors behind all ongoing projects, acquisitions and new product developments.
The offer period is expected to end at the beginning of September. Bain and Carlyle have fixed a minimum acceptance threshold of 70%.
The Osram share is trading up 0.6% at 33.2 euros this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.