August 12, 2019 / 6:57 AM / 3 months ago

Osram shares surge 12% after AMS triggers bidding war

FILE PHOTO: Logo of lamp manufacturer Osram is pictured during official opening of the company 'World of light' showroom in Munich, Germany, October 24, 2017. REUTERS/Michaela Rehle

FRANKFURT (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.

Reporting by Edward Taylor; Editing by Thomas Seythal

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