September 24, 2019 / 4:41 PM / a month ago

Bain and Advent in advanced talks about new Osram bid: sources

MUNICH/VIENNA (Reuters) - Bain Capital and Advent are in advanced talks about making a new takeover bid for German lighting group Osram (OSRn.DE), sources familiar with the matter told Reuters on Tuesday.

The leader in automotive lighting has already received two bids, one from a consortium of Bain and Carlyle Group (CG.O) and another from Austrian sensor specialist AMS (AMS.S) (AMS.VI).

Osram has advised its shareholders to accept the 4.3 billion euro ($4.73 billion) offer from AMS for its “financial attractiveness”. But it has said at the same time, that it views the finance duo’s 10% lower bid as more viable.

Bain is ready to outbid AMS, whereas Carlyle is ready to pull out, sources familiar with the matter have told Reuters.

Bain has therefore entered into talks with U.S. private equity group Advent to make a new bid, two sources said.

“The chance is over 50% that Bain and Advent will present something,” on source said. There was an intensive examination regarding what could work and how to proceed, a second source added.

Bloomberg first reported Bain’s discussions with Advent.

An AMS spokeswoman said on Tuesday it considered reports of a new private equity offer as speculation “solely aimed at thwarting AMS’s bid”.

AMS’s offer was the best available option for all, being financially attractive, strategically convincing and providing comprehensive commitments for Osram employees in Germany. “Private equity cannot beat these conditions,” she said.

As the current offers expire Oct. 1, the clock is ticking for Bain, Advent and their lawyers to launch a new one.

Reporting by Alexander Huebner in Munich and Kirsti Knolle in Vienna, Editing by Alexander Smith

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