Osram announces interest from AMS, sees 'rather low' probability of deal
Osram Licht said it received a "non-binding, preliminary expression" of interest of AMS to engage in discussions about a public takeover of Osram by AMS. Subject to the results of detailed due diligence and success in securing the required financing commitments for the transaction, AMS preliminarily values Osram at EUR 38.50 per share. AMS indicated that the funding of the offer shall be supported by a temporary bridge-loan facility of EUR 4.2B, which in part shall be refinanced at a later date by a capital increase in the amount of at least CHF 1.7B. Currently, neither the bridge-loan nor the equity portion are supported by binding commitments, the company added. On the basis of the information as per today, the Managing Board of Osram "does regard the probability of this transaction materializing as rather low." However, Osram said it will enable AMS to perform due diligence within "strict compliance of anti-trust requirements in order to possibly remove the substantial uncertainties pertaining to the funding of the transaction intended by AMS." In addition, Osram will urge AMS "to agree to honor the well-established interests of the company and other important stakeholders, and commit to enter into a respective legally binding agreement."