Osram shares surge 12% after AMS triggers bidding war

Credit: REUTERS/Michaela Rehle

Shares in German lighting specialist Osram Licht were indicated 12% higher in Frankfurt early trading after rival AMS launched a 38.50 euros ($43.13) a share takeover designed to trump a rival 35-euros-a-share offer from Bain and Carlyle.

FRANKFURT, Aug 12 (Reuters) - Shares in German lighting specialist Osram Licht OSRn.DE were indicated 12% higher in Frankfurt early trading after rival AMS AMS.S launched a 38.50 euros ($43.13) a share takeover designed to trump a rival 35-euros-a-share offer from Bain and Carlyle.

Austria's AMS triggered a bidding war by saying it was ready to pay $3.8 billion for the German lighting group's shares, a 10% premium over what finance investors Bain Capital and Carlyle have already offered.

Shares in AMS were indicated 6.65% lower.

Osram, which is grappling with weakness in the automotive industry and a broader economic slowdown, had sparked bidding interest because of its potential as a supplier for connected and autonomous cars.

Osram had no immediate comment.

AMS Chief Executive Alexander Everke on Monday said the takeover could be completed in the first half of 2020.

($1 = 0.8927 euros)

(Reporting by Edward Taylor Editing by Thomas Seythal)

((Edward.Taylor@thomsonreuters.com; +49 69 7565 1187;))

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