Would You Bet Against Bain, Carlyle and a Trade War?
One of the world’s biggest investors is. It’s a brave bet.
More light.
Photographer: Ralph OrlowskiThe news about the trade war gets worse by the day. The same goes for the auto industry. That makes the attempt to squeeze a higher price for automotive lighting group Osram Licht AG one of the boldest activist interventions in recent M&A history.
Allianz Global Investors thinks the 4 billion-euro ($4.5 billion) offer is at a “knock-down” price and says it is minded to reject it. The technicalities of this transaction mean the refusenik, with a 10% holding, is in a strong position to kill the deal. Bain Capital and Carlyle Group need owners of 70% of Osram’s shares to accept to get the takeover financed. The large cohort of individual investors and passive funds on the register had already made that a challenging hurdle.