Osram is recommending that its shareholders accept the current €41 per share takeover offer from ams, having concluded “a comprehensive business combination agreement” with the Austrian sensor specialist.
“After intensive negotiations, we have agreed on many decisive framework conditions for the future of Osram and our employees,” said Olaf Berlien, CEO of Osram Licht AG. “The most important thing is that the employees at German locations are protected from merger-related layoffs until the end of 2022.”
Approximately half of the central functions would be managed from the existing Munich location as the new group’s headquarters.
In addition, the Osram brand is to be reflected in the company name of the new group.
Shareholders have until 5 December to accept the offer.
Meanwhile in advance of the annual report the board of Osram has confirmed that “after a year full of challenges” the company expects a stabilisation in fiscal year 2020. Thanks to several performance measures and the accelerated transformation of the product portfolio, the Management Board is forecasting very little change in revenue in the current financial year (-3 to +3 percent) with EBITDA margins anticipated to be between 9 and 11 percent.
“We’ve had an eventful year. Nevertheless, the transformation to a photonics company is progressing,” Berlien said.