Osram: recommends ams takeover bid
(CercleFinance.com) - Osram recommended a takeover offer from Austrian sensor maker ams as the German lighting company saw its results fall in the past financial year.
ams' 41 euro-per-share offer still implies a slight premium over Osram's current share price, which is up 0.2% at 40.2 euros this morning.
Osram argued that its employees are now protected against merger-related layoffs until the end of 2022.
The group also reported that full-year 2018/2019 revenue dropped 13% to 3.5 billion euros, from 3.8 billion euros a year ago.
Its adjusted core earnings (EBITDA) margin dropped to 8.9% in the 12 months to September, from 16.4% in full-year 2017/2018.
In its statement, Osram said that the automotive market has seen its production fall across all regions - especially China.
The company expects these headwinds to continue into the first quarter of 2019/2020, although more stable development is expected over the remainder of the financial year.
In all, Osram expects revenues and earnings to remain almost stable in 2019/2020.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
ams' 41 euro-per-share offer still implies a slight premium over Osram's current share price, which is up 0.2% at 40.2 euros this morning.
Osram argued that its employees are now protected against merger-related layoffs until the end of 2022.
The group also reported that full-year 2018/2019 revenue dropped 13% to 3.5 billion euros, from 3.8 billion euros a year ago.
Its adjusted core earnings (EBITDA) margin dropped to 8.9% in the 12 months to September, from 16.4% in full-year 2017/2018.
In its statement, Osram said that the automotive market has seen its production fall across all regions - especially China.
The company expects these headwinds to continue into the first quarter of 2019/2020, although more stable development is expected over the remainder of the financial year.
In all, Osram expects revenues and earnings to remain almost stable in 2019/2020.
Copyright (c) 2019 CercleFinance.com. All rights reserved.