September 25, 2019 / 12:52 PM / 2 months ago

Bain and new partner Advent prepare offer for Osram

FILE PHOTO: The logo of German lighting manufacturer Osram is illuminated at the company's headquarters in Munich, Germany, September 16, 2019. PIcture taken with long exposure. REUTERS/Andreas Gebert/File Photo

FRANKFURT (Reuters) - Bain and its new partner Advent are prepared to make a takeover offer for Osram (OSRn.DE), the German lighting group said on Wednesday, citing a letter from the two buyout groups as a bid battle heats up.

Osram said the Bain-Advent consortium had said it would offer a price “meaningfully” above that offered by Austrian sensor specialist AMS (AMS.VI) worth 38.50 euros a share, or 4.3 billion euros ($4.7 billion).

Osram’s shares rose 2.24% to 38.80 euros.

Bain and Advent declined to comment.

Osram originally advised its shareholders to accept the offer from AMS, but also said a 10% lower offer from Bain and its first partner Carlyle was more viable.

Bain brought in Advent after Carlyle was unwilling to increase the duo’s original offer, people close to the matter have said.

Bain and Advent aim to make a binding takeover offer once they have completed due diligence, secured a new financing structure and received approval of the respective investment committees, Osram said.

“We are evaluating the new situation,” AMS said in a statement on Wednesday evening, without elaborating.

The AMS offer is set to expire on Oct. 1.

Reporting by Arno Schuetze; Additional reporting by Alexandra Schwarz-Goerlich in Vienna; Editing by Thomas Seythal and Mark Potter and Kirsten Donovan

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