OSRAM Licht AG said its managing and supervisory boards have waived the existing standstill agreement with AMS AG, which prohibited the Austrian sensor solutions company from acquiring the former's shares.
AMS can now advance its €38.50 per share offer to take over the German lighting products and solutions company. The offer, which values Osram at €4.3 billion, is expected to remain valid until the start of October and has a minimum acceptance level of 70%.
The two parties also signed a cooperation agreement that contains certain commitments to Osram employees, such as maintaining existing collective and work agreements and similar arrangements. Both companies agreed that Osram will continue to operate under its name and exist as a brand after the acquisition.
AMS' offer remains subject to approval by the German Federal Financial Supervisory Authority.
Osram is also being courted by Bain Capital LP and Carlyle Group LP, which initially offered to buy the company for €35 per share. The private equity firms are reportedly considering increasing their bid.
