U.S. Democrats and even CEOs are saying companies should be run for workers, not just investors. In a market where employees already have a say, AMS’s $4.8 bln bid for Osram reveals the flaws. LiamWardProud and edwardcropley explain:
Austrian sensor specialist AMS made a 4.3 billion euro offer for larger German lighting group Osram Licht on Sept. 3, outbidding a rival pitch by private equity duo Bain Capital and Carlyle.
The AMS cash offer of 38.50 euros per share is 10% above the 35 euros per share bid by the buyout firms, which was recommended by Osram’s board. Both offers now run until Oct. 1. The financing for the AMS bid includes a 4.2 billion euro bridging loan underwritten by UBS and HSBC. AMS plans to refinance that facility by issuing debt and equity.
Osram shares were at 37.1 euros by 0736 GMT on Sept. 4, after closing 1.7% higher at 36.91 euros on Sept. 3 in the wake of AMS making its formal offer.
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