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Osram receives non-binding AMS offer designed to trump rival bid

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By Reuters
Osram receives non-binding AMS offer designed to trump rival bid
FILE PHOTO: Logo of lamp manufacturer Osram is pictured during official opening of the company 'World of light' showroom in Munich, Germany, October 24, 2017. REUTERS/Michaela Rehle   -   Copyright  Michaela Rehle(Reuters)
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FRANKFURT (Reuters) – Osram Licht <OSRn.DE> has been approached by Austria’s AMS <AMS.VI> to discuss a non-binding 38.50 euros ($43.32) per share takeover offer, it said on Monday, sparking a potential bid battle for the German lighting company.

The AMS offer comes after Osram this month backed an approach from private equity firms Bain and Carlyle at 35 euros per share.

Osram shares closed at 33.14 euros in Frankfurt trading on Monday.

Osram, a technology group that builds microchips, digital lighting systems and sensors for the auto industry, has sparked bidding interest because of its potential as a supplier for connected and autonomous cars.

Osram said AMS had indicated that it could fund a bid thanks to a temporary 4.2 billion euro (£3.7 billion) bridging loan facility and plans for a capital increase.

An AMS representative was not immediately available for comment.

(Reporting by Edward Taylor and Alexander Huebner; Additional reporting by Francois Murphy; Editing by David Goodman)

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