Munich / Premstätten (dpa) - The second attempt for the acquisition of Osram by the Austrian sensor specialist AMS has become the nail-biter in the final meters.
By early Thursday afternoon - ten hours before the deadline - AMS came to 39.8 percent of the shares. The threshold for success is 55 percent.
Most recently, AMS had made better progress than in autumn failed first takeover attempt. Even though a good 15 percent of the shares were still missing on Thursday afternoon, it is quite possible that the offering will be successful because institutional investors typically only decide shortly before the deadline. The number of shares offered also shot up in the autumn.
But this time there is an additional problem for AMS: Numerous hedge funds have shopped at Osram. From financial circles was last heard of a share of 40 or even almost 50 percent. The hedge funds are therefore speculating that their shares after a successful takeover for more than the now offered 41 € per share to AMS to sell. This would be possible if the Austrians continue to increase their share in order to gain more control over Osram.
However, with so many hedge funds following this plan, the situation is tricky: holding onto their stocks could cause supply to fail and the value of securities to plummet. They give their papers, they hardly earn it.
In order to convince both retail investors and hedge funds, AMS and Osram have recently made a big impact. AMS boss Alexander Everke, according to Kreisen, set up talks with around 50 hedge funds in New York and London. Osram boss Olaf Berlien was switched on live. Added to this was a joint letter to the shareholders and numerous advertisements for the takeover, as even small shareholders hold a relevant stake in Osram.
A success of advertising is by no means the end: "It will be exciting," was heard from financial circles. There are also signs of skepticism on the stock market. After the price of the Osram share was above 40 euros for most of November and thus very close to the offer price, the paper has recently given way. On Thursday afternoon, it was at values around 38.70 euros.
Whether AMS is successful will probably be seen next week. It will take some time until all the reports on offered shares are received. In financial circles, Monday evening is the likely date for a result.