ams AG (AMSSY) announces that it intends to launch a new all-cash takeover offer for Osram Licht AG (OSAGY) for 100% of the share capital of Osram at a price of EUR 41.00 per share. The Offer which represents a premium of 42% to the undisturbed Osram share price of EUR 28.92 as of 2 July 2019 will be launched by ams Offer GmbH, a newly incorporated, wholly owned subsidiary of ams. ams is the largest shareholder in Osram with a direct shareholding of 19.99% which ams will not exceed outside of the offer. As a result of ams' shareholder position, ams has lowered the minimum acceptance threshold to 55%. Alexander Everke, CEO of ams, said, "We are convinced that our offer will be successful as it provides a highly attractive, fully valued price at a straightforward acceptance threshold. As the pre-eminent Osram shareholder at 19.99%, we are furthermore convinced that this Offer is the best available option for Osram shareholders. The strategic rationale of creating a global leader in sensor solutions and photonics, with strong European roots, is unchanged and offers a compelling opportunity for Osram, ams and our shareholders. We are in constructive discussions with Osram to update the existing Cooperation Agreement, clearly underpinning our commitments to employees and manufacturing locations in Germany. We appreciate the fruitful discussions with the Management and Supervisory Board of Osram and look forward to working alongside the present Osram Management Board to realize our strategic vision."
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. AMS AG (AMSSY) offered $4.1B for Osram (OSAGY), the second attempt by the light and sensor maker to acquire its rival and potentially triggering a bidding war, Bloomberg's Oliver Sachgau reported. AMS AG's offer is higher than the EUR35 per share accepted by Osram's board from Bain Capital and Carlyle Group (CG) that valued the former Siemens AG (SIEGY) unit at EUR3.4B, the author noted. 2. BlackRock (BLK) announced that entities affiliated with its Long Term Private Capital, or LTPC, strategy have made a strategic investment in Authentic Brands Group. LTPC will become the largest investor in Authentic Brands Group and will work closely alongside its management, led by founder, Chairman and CEO James Salter and President and CMO Nick Woodhouse. LTPC joins existing Authentic Brands Group investors including founding investor Leonard Green & Partners, General Atlantic, Lion Capital, Simon Property Group (SPG), Brookfield Properties' retail group (BPY) and Shaquille O'Neal. 3. iHeartMedia (IHRT) is ready for its next chapter after exiting from Chapter 11 looking slimmer and fitter, Andrew Bary wrote in this week edition of Barron's. Its debt was cut to $5.8B from $16B before bankruptcy, and it is well-positioned in the fast-growing and competitive digital streaming and podcasting businesses, the author noted, adding that the shares look appealing as creditors who received shares in bankruptcy sell their holdings. 4. Comcast (CMCSA) subsidiary Universal's "Fast & Furious Presents: Hobbs & Shaw" won the North American box office again with $25.4M, crossing the $100M mark domestically. Overseas, the movie took in another $60.8M for a global cume of $332.6M. The "Fast & Furious" spinoff received an A- CinemaScore and 67% no Rotten Tomatoes. 5. Amazon (AMZN), Arista Networks (ANET), Equinix (EQIX), Merck (MRK), Broadcom (AVGO), Target (TGT), Verizon Communications (VZ), Weyerhaeuser (WY), Take-Two Interactive (TTWO), Shopify (SHOP), Match Group (MTCH), and AMD (AMD) saw positive mentions in this week's edition of Barron's, while Domino's Pizza (DPZ), Molson Coors Brewing (TAP), PayPal (PYPL), Dish (DISH), MSG Networks (MSGN) and Dropbox (DBX) were mentioned cautiously.
AMS AG (AMSSY) offered $4.1B for Osram (OSAGY), the second attempt by the light and sensor maker to acquire its rival and potentially triggering a bidding war, Bloomberg's Oliver Sachgau reports. AMS AG's offer is higher than the EUR35 per share accepted by Osram's board from Bain Capital and Carlyle Group (CG) that valued the former Siemens AG (SIEGY) unit at EUR3.4B, the author notes. Reference Link
AMS AG (AMSSY), an Austria-based produce of light sensors for smartphones, became the fourth key supplier to Apple (AAPL) this week to cut revenue estimates for the current quarter to $480M-$520M from $570M-$610M, blaming the reduction on "recent demand changes from a major consumer customer", Bloomberg reports, citing the company. The recent warnings, which came from Qorvo (QRVO), Lumentum Holdings (LITE) and Japan Display, paired with underwhelming earnings from main iPhone assembler Hon Hai Precision Industry (HNHPF), emphasize concerns about poor demand for Apple's device. Reference Link