Bain, Carlyle to buy Osram in $3.8 billion deal


(Update includes minimum acceptance threshold, offer period)

Osram Licht AG (OSR.XE) said Thursday night that it supports the multibillion-euro takeover offer from U.S. private-equity firms Bain Capital LLC and Carlyle Group LP

CG, -0.55%

The two investors made a public takeover offer of 35 euros ($39.50) a share the previous day, representing an equity value of around EUR3.4 billion and an enterprise value of around EUR4 billion, the German lighting manufacturer said.

The bid represents a premium of around 21% to Osram’s closing share price on Tuesday, the company said. It said the managing and supervisory boards believe the offer is in the best interests of the company and its shareholders.

Bain and Carlyle have set a minimum acceptance threshold of 70%, which excludes the shares owned by Osram, and said that offer period should end at the beginning of September.

Osram, Bain Capital and the Carlyle Group signed an investor agreement on Thursday committing to Osram’s current corporate strategy.

Source : MTV