December 3, 2019 / 10:19 AM / 13 days ago

AMS has 29% of Osram shares as Thursday deadline with 55% target looms

FRANKFURT, Dec 3 (Reuters) - AMS has been offered 8.03% of the shares in German lighting maker Osram by Monday evening, taking its total holding to 28.85%, the Austrian sensor maker said on Tuesday.

AMS’s offer, which has a 55% threshold to be successful, runs until Thursday and the company is currently on a roadshow to convince investors to tender their shares.

AMS chief Alexander Everke is meeting shareholders in New York and London with the help of Osram head Olaf Berlien, who is also speaking out in favor of the deal.

Hedge funds control 35-45% of the shares of Osram, posing a headache for AMS as the investors may press for the $5 billion offer to be sweetened.

An initial bid by AMS to create a global leader in sensors and lights stumbled last month when it fell short of the necessary shareholder backing, prompting AMS to lower the acceptance threshold. (Reporting by Arno Schuetze, editing by Riham Alkousaa)

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