Munich The Austrian sensor specialist AMS does not want to be put off by the takeover of Osram due to the rapid fall in the price of its shares. AMS made it clear on Thursday evening that the company is confident that it will be able to accommodate the 1.65 billion euro capital increase to finance the takeover of the Munich lighting group with shareholders and other investors.
“AMS has been in constant contact with investors since the rights issue began and has received positive feedback from a number of major shareholders who plan to exercise their rights and from other investors wishing to participate in the rights issue,” the company said.
Since the start of the subscription period on the Swiss stock exchange, the AMS shares fell in the wake of the corona crisis by two-thirds to temporarily less than the CHF 9.20 that the new shares were to cost. This made it unattractive for AMS shareholders to exercise their subscription rights for the new papers. On Thursday, AMS closed at CHF 9.28.
The risk of the capital increase failing had raised doubts on the capital market itself about the € 4.6 billion takeover itself. Investment banks guarantee the issue and would have to put unsold shares on their own books. However, you have the right to back out in the event of extreme market turmoil.
AMS CEO Alexander Everke tried to dispel the doubts: “We are more than ever convinced of the obvious strategic logic and the value creation potential from the merger of AMS and Osram.”
Osram announces short-time work in many plants
Under the impression of the virus outbreak, Osram tipped its forecast for the current financial year on Wednesday and announced short-time work in many plants. “We continue to receive positive feedback from our shareholders regarding this strategic logic and the capital increase,” emphasized Everke. He was confident that the takeover would be completed by the end of June at the latest once the remaining approvals from the antitrust authorities have been received.
More: Osram is collecting the annual forecast due to the corona crisis.