Osram Licht Receives Offer From Advent And Bain Capital

(RTTNews) - Osram Licht AG (OSAGF.PK) said Wednesday that it received an indicative offer letter from a financial consortium consisting of Advent and Bain Capital.

"According to that letter Advent and Bain Capital have decided to team up with the goal to launch a binding offer for all OSRAM shares which in their view would be superior to the takeover offer of ams AG with respect to the offer price, strategy and growth perspective of OSRAM," Osram said.

But, the indicative offer letter did not contain a specific offer price. However, the consortium stated their objective to deliver an offer price which meaningfully exceeds the offer price offered by ams AG, Osram said.

Advent also indicated in the letter that they will enter into substantially the same but not less commitments than the consortium consisting of Bain Capital and The Carlyle Group.

Osram said that it is not yet clear whether there will be a binding takeover offer by Advent and Bain Capital eventually. The managing board considers it necessary to enable the consortium of Advent and Bain Capital to further specify its potential offer at short notice.

Last week, Osram Licht recommended its shareholders to accept a 4.3 billion euros bid from ams AG.

ams AG, earlier this month, offered 38.50 euros per share for the German lighting company, outbidding private equity investors Bain Capital and Carlyle Group by 10%.

In early July, Osram Licht said that it had accepted a 3.4 billion euros or $3.8 billion takeover offer from Bain Capital and Carlyle Group LP. The two private equity buyout firms offered 35 euros per share in cash.

In early August, Allianz Global Investors, holding over nine percent of the outstanding shares in Osram Licht, said it did not to accept the offer from Bain Capital and Carlyle.