September 25, 2019 / 12:18 PM / 25 days ago

Bain and new partner Advent prepared to make Osram bid

FRANKFURT, Sept 25 (Reuters) - Bain and its new partner Advent are prepared to make a bid for Osram, the German lighting group said on Wednesday, citing a letter from the two buyout groups as the takeover battle heats up.

“According to that letter Advent and Bain Capital have decided to team up with the goal to launch a binding offer for all Osram shares which in their view would be superior to the takeover offer of ams AG with respect to the offer price, strategy and growth perspective of OSRAM,” Osram said.

The potential offer could trump a rival bid from Austrian sensor specialist AMS worth 38.50 euros a share, which expires on Oct. 1.

Osram’s shares were up 2.3% at 1211 GMT to 38.81 euros. (Reporting by Arno Schuetze; editing by Thomas Seythal)

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