AMS launched a renewed $5 billion takeover bid for Osram on Thursday, hoping its...
) on Thursday, hoping its latest offer would convince investors with a lower acceptance rate and concessions to the German lighting group’s management and trade unions.
AMS collected 51.6% of shares, including its own nearly 20% stake, short of the required 62.5%. Some investors had hoped for a higher offer from private equity groups Bain Capital and Advent, which they had signalled but then refrained from after AMS’s miss. In a move to accommodate trade unions, AMS is ready to apply an employment protection scheme until end-2022 on the sites in Germany, the offer document says.The document does not say Osram’s digital business should be sold, but that AMS and Osram will jointly reassess every division for its longer-term contribution. AMS had previously said it would seek “the best owner” for the unit.
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