VIENNA (Reuters) - Apple supplier AMS AG (AMS.S) on Sunday said it plans to make an all-cash takeover bid for German lighting group Osram (OSRn.DE), offering 38.5 euros per share, more than a rival offer from private equity firms Bain Capital and Carlyle Group.
Osram, which last month said it was considering Bain and Carlyle’s binding offer of 35 euros ($39.19) per share, declined to comment, as did a spokesman for the private equity firms’ consortium.
Swiss-listed AMS last month decided against a bid but kept the prospect of one alive after it said it had been approached by potential financial partners and believed it could arrange financing.
The planned bid includes a 4.2 billion euro bridge facility underwritten by UBS (UBSG.S) and HSBC (HSBA.L), which AMS plans to refinance by issuing debt and equity, including raising 1.5 billion euros of new equity, “primarily” through a rights issue.
“The combination of AMS and Osram creates a global leader in sensor solutions and photonics with approximately 5 billion euros of revenue,” said AMS, which makes an array of sensors, including those that enable facial recognition on smartphones.
AMS added that it sees Osram’s digital division - part of Osram’s attempt to become a high-tech group that builds chips, provides digital lighting systems and supplies sensors and other components - as non-core, adding that it would seek “the best owner” for the division.
($1 = 0.8931 euros)
Additional reporting by Alexander Huebner in Munich and Kanishka Singh in Bengaluru; Editing by Keith Weir and Bill Rigby