Osram has concluded a business combination agreement with Ams and recommends its shareholders accept the current takeover offer.
“After intensive negotiations, we have agreed on many decisive framework conditions for the future of Osram and our employees,” said OSRAM Licht CEO, Olaf Berlien.
“The most important thing is employees at German locations are protected from merger-related lay-offs until the end of 2022.”
The Osram brand is to be reflected in the company name of the new group. The sensor specialist Ams supports the photonics strategy of Osram.
Osram and Ams have agreed on points for the integration of Osram into the joint group. For example, employees are protected from merger-related lay-offs until the end of 2022 at German locations and around half of the central functions would be managed from the Munich location as the co-group headquarters.
Brigitte Ederer, former member of the executive board of Siemens and former chairman of the supervisory board of Austrian rail operator, ÖBB, will monitor and enforce the merger of the two companies as an independent monitor.
After concluding the business combination agreement, the supervisory board and the executive board recommend the present take-over offer to Osram shareholders.
Shareholders have until 5 December, 2019, to accept the offer.