A takeover bid of German lighting manufacturer Osram by an Austrian company on Friday failed.
AMS, a producer of sensors, said it failed in its goal to achieve the minimum acceptance threshold of 62.5 percent of Osram’s shares.
Only the owners of 51.6 percent of the shares of Munich-based Osram took the offer of 41 euros (or 45 dollars) per share.
The company said it would continue to pursue Osram, adding that merger would enable the creation of a globally leading company in sensor technology and photonics.
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Meanwhile, Osram’s board of directors and the supervisory board had supported AMS’s takeover bid, but with so many reservations that it was seen as a hidden “no. “
The IG Metall union was already strongly opposed to a takeover by AMS because the union feared Osram would be dismantled.
The bidding battle, which lasted several weeks, was started by two U.S financial investors, who, however, only offered 35 euros per share and therefore, had no chance.
Osram will remain independent for the time being. AMS now the largest shareholder with just under 20 percent of the shares.