August 21, 2019 / 11:59 AM / a month ago

Osram to clear way for AMS takeover offer tonight -sources

MUNICH, Aug 21 (Reuters) - Osram will most likely waive an agreement that currently prevents AMS from making a takeover bid, paving the way for the Austrian group to enter the ring against finance investors Bain Capital and Carlyle Group, sources told Reuters.

AMS plans to buy Osram in a deal that would value the bigger group at 4.3 billion euros ($4.8 billion), trumping a competing bid by Bain and Carlyle. To be able to do so, Osram must waive a standstill agreement.

“A waiver of the standstill agreement is to be expected,” one of the sources familiar with the matter told Reuters.

Osram’s supervisory board will meet later on Wednesday to discuss the issue.

($1 = 0.9007 euros)

Reporting by Joern Poltz Writing by Kirsti Knolle Editing by Thomas Seythal

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