Osram Clears Way for AMS Takeover

AMS, a leading worldwide supplier of high performance sensor solutions, is pleased that Osram Licht AG has waived the standstill agreement entered into by AMS and Osram on 4 June 2019 following the receipt of AMS’ proposal on 11 August 2019. This now enables AMS to formally launch the takeover offer for Osram pursuant to the terms announced on 11 August 2019. The offer period is expected to commence prior to 5 September 2019 when the offer from Bain Capital and The Carlyle Group would have expired.

AMS And Osram intend to create a global leader in sensor solutions and photonics (Source: AMS)

AMS and Osram have entered into a cooperation agreement. The management of AMS is convinced, together with the management of Osram, that creating a global leader in sensor solutions and photonics delivers tangible benefits for customers. In addition, both management teams share the conviction that close co-operation among stakeholders is critically important in combining the two companies and delivering sustained success. The management of AMS is confident that combining the two companies on this basis will create significant value.

“We are pleased to launch the takeover offer which will enable the compelling combination of AMS and Osram. Our strategy is built around growth for which a highly qualified workforce and a long-term commitment to Germany are essential. We look forward to leveraging the expertise and experience of Osram’s employees in all areas,” says Alexander Everke, CEO of AMS.

The cooperation agreement includes protective covenants for Osram employees and manufacturing sites in Germany. Amongst other provisions, AMS will continue existing shop agreements (Betriebsvereinbarungen), collective bargaining agreements (Tarifverträge) and similar agreements in Germany, including the “Eckpunktepapier Zukunftskonzept Deutschland” entered into with the union IG Metall and Osram’s workforce representatives in July 2017.

In addition, AMS will continue operating the German production sites for a minimum period of three years (Standortsicherung) and Munich as a co-headquarter of the combined group alongside Premstaetten with a meaningful presence for global corporate functions. (Source: AMS)

Links: The AMS Offer for OSRAM Licht AG, ams-osram.comOSRAM Licht AG, Munich, GermanyAMS AG, Premstaetten, Austria

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