Deals
Osram Feeds Union Anger After Backing $4.1 Billion AMS Offer
- Labor groups concerned AMS takeover would lead to job cuts
- AMS proposal is higher than earlier bid by Bain and Carlyle
Osram’s headquarters in Munich.
Photographer: Michaela Handrek-Rehle/BloombergThis article is for subscribers only.
Osram Licht AG recommended a 3.7 billion-euro ($4.1 billion) takeover bid from AMS AG on the basis of price, risking a backlash from labor groups worried about potential job cuts that may come with the deal.
The terms of AMS’s 38.50 euro-a share proposal eclipse Osram’s lingering concerns about how the takeover will be funded, the German lighting maker said in a statement on Monday. The Munich-based former Siemens AG unit had previously backed a lower offer from private equity groups Bain Capital and Carlyle Group LP.