The Austrian semiconductor manufacturer AMS is on the way to take over the German lighting manufacturer Osram. AMS has exceeded the minimum acceptance threshold of 55 percent, the company said shortly after market close. Osram announced that the group had invited the management of AMS "to discuss the future".
On the trading platform Tradegate, the Osram share gained 10.5 percent after the Xetra closing. The AMS papers gave way a bit.
Several antitrust approvals are still pending for the success of the proposed acquisition. AMS expects to close in the first half of 2020.
According to financial circles, hedge funds last held 35 to 45 percent of Osram shares. Accordingly, 20 to 25 percent were small shareholders, who were reluctant to accept the first failed AMS offer, and another 10 percent of index funds that must hold these shares. Therefore, a significant portion of the hedge fund shares were needed to reach the bid threshold.
Advertising with hedge funds and small investors
AMS offered 41 euros per Osram share certificate. On Tradegate, the paper is quoted at € 42.70 significantly higher. Osram shareholders will have until further notice until December 24 to offer their shares.
Most recently, both parties sought to convince both retail investors and hedge funds. According to information from the dpa news agency, AMS head Alexander Everke interviewed about 50 hedge funds in New York and London. Osram boss Olaf Berlien was switched on live. In addition, there was a joint letter to the shareholders as well as numerous advertisements for the takeover.
After the first offer Berlien had said: "After the failure of previous takeover attempts, we now retain our independence and shape our future itself."
