October 8, 2019 / 3:45 PM / 4 months ago

AMS could bypass 12-month wait for new Osram bid: German regulator

FILE PHOTO: A lit bulb by German lighting manufacturer Osram is seen in front of packages with different Osram bulbs in this picture illustration taken September 1, 2019. REUTERS/Andreas Gebert/File Photo

VIENNA (Reuters) - Austrian sensor maker AMS (AMS.S) (AMS.VI) could bypass the 12-month waiting period required by law to launch a new bid for Germany’s Osram (OSRn.DE) if it sets up a new entity for the deal, German watchdog Bafin said on Tuesday.

AMS’ 4.5 billion euro ($4.9 billion) takeover attempt for the German lighting company failed last Friday, but it vowed to pursue the acquisition anyway in order to create a global champion in sensors and lights.

The company had launched its bid via a subsidiary called Opal BidCo, which it founded solely for the purpose of the takeover. The 12-month waiting period required for a second approach applies only to this company, a Bafin spokeswoman said.

The scenario was first outlined in German daily Boersenzeitung.

AMS lawyers have discussed such a move, one person familiar with the matter told Reuters. AMS did not reply to a request for comment.

Reporting by Alexander Huebner; Writing by Kirsti Knolle; Editing by Jan Harvey

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