Deals
AMS Ignites Battle for Osram With $4.1 Billion Rival Offer
- Swiss rival bids 38.50 euros/share, beating Bain, Carlyle
- Osram became takeover target after series of profit warnings
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AMS AG re-entered the battle for Osram Licht AG with a 3.7 billion euros ($4.1 billion) offer, days after a major shareholder rejected a lower bid by rivals for the German light and sensor maker.
Osram soared as much as 11% Monday, following the weekend approach from AMS that values the target at 38.50 euros a share. That compares with the 35 euros-a-share from private-equity firms Bain Capital and Carlyle Group, thrown into jeopardy last week when top investor, Allianz Global Investors, rejected it as too low.