BERLIN (dpa-AFX) - German lighting company Osram Licht AG (OSAGF.PK) said Wednesday that it has waived the existing standstill agreement with ams AG, and has signed a cooperation agreement with ams in order to enable ams to publish the offer.
Osram Licht said that ams's offer price of 38.50 euros per Osram share is 10% higher than the current offer of the bidding consortium consisting of Bain Capital and The Carlyle Group. ams' offer values Osram with an equity value of about 3.7 billion euros and an enterprise value of about 4.3 billion euros.
The Offer period is expected to commence prior to 5 September 2019 when the offer from Bain Capital and The Carlyle Group would have expired.
ams provides for a minimum acceptance threshold of 70 percent, and an acceptance period running presumably until the beginning of October 2019.
In early July, Osram Licht said that it accepted a 3.4 billion euros or $3.8 billion takeover offer from Bain Capital and Carlyle Group LP. The two private equity buyout firms offered 35 euros per share in cash.
In early August, Allianz Global Investors, holding over nine percent of the outstanding shares in Osram Licht, said it did not to accept the offer from Bain Capital and Carlyle.
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