Bain and Carlyle’s $4 billion Osram bid may be trumped by chipmaker AMS. Meanwhile AMS’ murky logic and heavy debt load are hard to ignore. Bauer may decide that buyout barons are for once the good guys, LiamWardProud writes:
Shares in Osram rose 2% on Aug. 20 after Bloomberg reported that Bain Capital and Carlyle Group could raise their joint bid if rival suitor AMS were to launch a formal offer for the German lighting group.
AMS earlier this month said it had proposed a 38.5 euros per share all-cash deal for Osram, higher than the 35 euros Bain and Carlyle had offered. The Austrian company requires Osram to waive a standstill agreement to launch a formal offer. Germany's IG Metall trade union, which represents the interests of Osram employees, on Aug. 19 rejected a planned takeover offer from AMS. It said “the strategy behind AMS's offer is still not convincing".
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