Private equity offer for Osram is too low, small shareholder group says

FILE PHOTO: Logo of lamp manufacturer Osram is pictured during official opening of the company's World of Light showroom in Munich, Germany, October 24, 2017. REUTERS/Michaela Rehle/File Photo

MUNICH (Reuters) - A takeover offer from private equity firms Bain and Carlyle CG.O for Germany's Osram OSRn.DE is too low, the SdK group representing small shareholders said on Friday.

That came after the German lighting group’s biggest shareholder - Allianz Global Investors - on Thursday rejected the 3.4 billion euro (£3.16 billion) takeover offer.

The SdK said it also held shares in Osram and would not tender them. The recommendation carries weight because around 25% of the company is in the hands of more than 440,000 private individuals.

Osram’s managing and supervisory boards had said on July 4 that they were backing the offer, pitched at 35 euros a share, a 21% premium to Osram’s share price before the approach was made public.

Reporting by Joern Poltz; Writing by Tom Sims; Editing by Michelle Martin